Cardano Price Prediction: Today’s ADA Price, 13th Nov 2022

Cardano Price Prediction

After leaving support around $0.3090 in the rearview, Cardano’s price is now back in the green. Before ADA makes a little drop, perhaps to gather liquidity, a 61.8% Fibonacci retracement is anticipated to tag $0.3880. On the plus side, investors will be anticipating a rise to $0.50 and then to $1 in the next weeks, thus breaking and holding above the same level might shift the perspective from pessimistic to positive.

A purchase signal from the Moving Average Convergence Divergence (MACD) confirmed the bullish outlook for ADA. More buyers will join the northward trend as the MACD continues to advance in the direction of the mean line and most likely towards the positive region.

Despite the continuous cryptocurrency instability, certain investors known as “whales” continue to invest additional money in ADA. According to Santiment’s on-chain data, the number of addresses holding between 10,000 and 100,000 ADA tokens increased from roughly 131,550 on Monday, 7, to approximately 132,320 on Friday, 11.

Additionally, addresses owning 100,000–1,000,000 ADA tokens from 20,652–20,600 in the same time frame increased the buying demand. Investors’ decision to keep purchasing ADA demonstrates a strong bullish outlook for Cardano’s price.

Santiment’s insights also point to an increase in the daily volume of on-chain transactions that result in losses. In contrast to the price at which they were most recently exchanged, the majority of transactions on the Cardano blockchain are in the red.

This indicator frequently increases before to a bullish trend reversal. If holders experience unrealized losses, they are less inclined to continue selling. The route with the least resistance will be to the upside as selling pressure eases.

The same daily time frame chart issues a cautionary note to traders, especially in light of the impending collapse of FTX. Additionally, resistance at the 50% Fibonacci level of $0.3720 may prevent Cardano’s rebound from occurring fully.

A small retreat to the 23.6% Fibonacci around $0.34, however, would be advantageous because it will give bulls more time to gather liquidity before launching another rebound attempt.

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