The crypto market on Friday is playing out well with minimal volatility as BTC has held above $54K, and ETH has held above $3500. However, the global crypto market cap has eased to $2.28 Trillion and the total market volume has slid 16%.
Cardano Price Analysis
Over the last 24 hours, ADA/USD has traded in a band of $2.25 to $2.33, exhibiting low volatility. Trading volume has dropped 21.23 percent to $2.6 billion, with a total market worth of $73.4 billion, putting the coin in fourth place worldwide.
The ADA coin’s daily technical chart and price trend suggest a bullish trend. The initial support zone, based on the pivot point, is 1.65 USD. Another method to keep an eye on it is to check for resistance at 2.5 USD if it rushes.
The EMA band, which is made up of several EMAs, is a major supporter of currency price swings. Investors may discover that the price remains stable around the green ribbon. This ensures that ADA will ascend until it reaches the top of the ribbon.
Overall, traders can expect Cardano price to consolidate within 2.5 until it establishes a new low. on the other hand, if the price managed to break the $2.5 crucial resistance level we can see ADA price hit $3 soon.
When will ADA Price breakout?
Benjamin Cowen, a well-known crypto market expert, is predicting that Cardano (ADA) will break out to new highs.
Cowen tells his YouTube viewers in a new video that he expected a sideways market after ADA rose to $2.50 from a low of $0.02 in 2020.
He anticipates Cardano to make its move between mid-November and mid-March when the next breakout will begin.
“I would say the move to a new paradigm shift in what it means to hold 1 ADA would probably start somewhere in this region. Somewhere between mid-November until mid-March.”
Cowen emphasizes that Bitcoin (BTC) must continue to hold the line on the 20-week moving average before ADA can go on another surge. He believes that November will be the month in which Cardano makes his debut.
At the time of writing, ADA is trading at $2.26 down by 2.2% in the last 24 hours.