Cardano (ADA)CryptocurrencyNewsPrice Analysis

Here’s Why 2 Upcoming Events Can Propel Cardano’s ATH Revisit

Briefly-

  • Cardano’s price might rally after being listed on Europe’s renowned cryptocurrency exchange later on the week.
  • Investors expect the reveal of new updates and developments on the blockchain on 25 November.
  • Cardano price forms a bullish pattern that can witness ADA surging to $2.90.

Cardano price anticipates two massive events that might witness the crypto surging towards the price levels at $3 and higher to an ATH. The ETH-Killer awaits listing on Europe’s leading crypto exchange, and ADA enthusiasts expect the network’s updates later on the week.

Cardano Awaiting a Bullish Move

Cardano’s price failed to spark enthusiasm by its investors as the token moved lower over the past sessions. Meanwhile, the alternative coin awaits a Bitstamp list on 24 November. Keep in mind that Bitstamp is Europe’s leading crypto exchange as far as trading volume is concerned. The trading network declared deposits and withdrawals on 23 November, but complete trading activities will begin after a day.

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Listing the alternative coin on Bitstamp means that the exchange customers can access the ETH-Killer. That can incentivize bulls to take Cardano higher.

On 25 November, the Cardano blockchain development team plans to host the ADA 360 November edition. The event will have the team announcing vital developments, news, and updates. The protocol’s core team and ecosystem guests will announce updates on the 3rd-gen blockchain.

Besides the two upcoming Cardano events, the ETH-killer has printed a declining wedge formation on the daily price chart, indicating ADA’s bullish outlook. The positive chart pattern shows a 35% upswing to $2.90 if ADA slices past the technical pattern’s upper boundary. Increased buying momentum might witness ADA challenging its ATH of $3.09.

Meanwhile, ADA continues to wavers neat the falling wedge’s bottom boundary at $1.74, the level acting as ADA’s support. The ETH-killer needs a close beyond this price area to register a recovery.

Cardano has its first obstacle around the 200-day SMA near $1.88, then near the 20 November at $1.95. Additional resistance can emerge around the 21-day Simple Moving Average at $1.98, then the 50dSMA at $2.07.

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If Cardano sees its price tagging the falling wedge’s upper border, coinciding with the 11 November peak at $2.14, it might see the 35% upsurge target. That can see ADA hitting $2.90. However, southward price actions can have ADA falling to the 18 November low at $1.70. Increased sell orders can push Cardano lower, tagging 15 June peaks of $1.60.

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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