Cardano Price Trades Against Low of 2021 for Most of November.
For most of November, Cardano’s price traded against the low of 2021. The year 2022 has entirely been dictated by two main elements – inflation and crypto winter. The crypto market expects inflation to decrease as the years draw nearer to its end.
The U.S. Federal Reserve suggested two weeks ago that more interest rate hikes will come but at a much less and more digestible pace and size. As such Cardano’s ADA will see bulls gearing up to be part of the rally. This would mean that finally, some bearish pressures are fading. ADA will test $0.324 before breaking out and moving toward the monthly pivot at $0.35. This falls in line with the 55-day Simple Moving Average (SMA). It would be ideal for advancing into the coming weeks.
The $0.40 target is the much-awaited – 25% price increase. At the time of writing this article, ADA was down by 0.69% in the last 24 hours and trading at $0.3121. According to Coincodex, the value of Cardano is predicted to fall by -3.76% and reach $0.300796 by December 15. Technical indicators suggest that the current sentiment is bearish, while the Fear & Greed index shows 27 (Fear).
It should be noted that Cardano saw 13/30 which is 43% green days, while 3.95% price volatility over the last 30 days.