Will the Cardano price get its Mojo back as Bitcoin surges to a new High?
The Cardano price continues to grind sideways between $2.00 and $2.40 despite the cryptocurrency market soaring to a $2.7 Trillion valuation. In the last 24-hours, Bitcoin set a new record of $67,000, Ethereum jumped to $4,200, but Cardano’s ADA token is stuck at $2.22 (+1.95%).
Despite returning just 4.5% in October, Cardano still holds a market cap of $73.4 billion and is the 4th most valuable Cryptocurrency behind Binance Coin (BNB/USD). Just six weeks ago, ADA was trading at $3.16 with a market cap of $94 billion. However, investors have grown frustrated that the Alonzo upgrade in the September network has failed to attract large-scale adoption. As a result, the price has lost 40% since, struggling to regain bullish traction. Subsequently, ADA’s trading range is narrowing, which could lead to an explosive move in either direction.
ADA Price Forecast
The daily chart shows the Cardano price is trading just above the support of the 100-Day moving average at $2.067. Furthermore, a concise rising trend line reinforces the support at $2.00. However, above the market, a descending trend line from the May high is capping the price at $2.27. The 50-DMA at $2.32 offers additional upside resistance.
As long as ADA remains wedged between support and resistance, it’s hard to say which will prevail. However, a bullish scenario emerges above $2.32, potentially encouraging enough momentum to reach the all-time high. On the other hand, if Cardano slides beneath the 100-DMA and loses trend support, a trip to the 200-DMA at $1.766 is probable. Therefore, until either scenario plays out, ADA’s direction is unclear.
Cardano Price Chart (Daily)
For more market insights, follow Elliott on Twitter.