Cardano has recently displayed a bearish momentum divergence on the daily chart, indicating a potential minor price dip. Despite this, the altcoin has been strongly bullish on both daily and weekly timeframes, with a 38% rally over the past week and a 146.7% increase since early November. In comparison, Bitcoin has seen a 5% rally over the same period and may experience a minor dip towards $90k, offering traders a chance to go long on Cardano. Both Cardano and Bitcoin are projected to remain bullish in the long term.
On the weekly chart, Cardano reached a new high for 2024 last week and is expected to continue its uptrend. Resistance at the $0.6 zone caused a minor rejection on November 11th, but the altcoin quickly overcame it and rallied to $0.819. The RSI on the weekly chart indicates intense upward momentum at 79.25, with no bearish divergence seen on this timeframe. However, a bearish divergence has formed on the daily chart as Cardano bulls work to reclaim the $0.787 level as support. A potential minor dip to $0.705 is possible, but the OBV has been rising steadily to reflect increased demand for the token.
Further analysis on Cardano’s potential price dip includes a look at the 30-day liquidation map, which shows numerous long liquidation levels in the $0.741-$0.781 region. A price dip into this area could trigger a deeper slump towards $0.726, aligning with the RSI bearish divergence on the daily chart and the altcoin trading below the key resistance level at $0.787. Despite the potential dip, it could offer buyers another opportunity to go long on Cardano and may result in a healthy outcome in the coming days. It is important to note that the information provided does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
In conclusion, Cardano’s recent price movements have shown a mix of bullish and bearish signals, with potential for a minor dip in the near future. Despite this, the altcoin’s overall outlook remains positive, with strong bullish momentum on both daily and weekly timeframes. Traders should keep an eye on key levels such as $0.787 and potential support at $0.705 to make informed decisions on their trading strategies. As always, it is essential to conduct thorough research and consult with financial experts before making any investment decisions. Stay tuned for further updates on Cardano’s price prediction and market movements.
