Why two upcoming major events could propel Cardano price to revisit all-time highs – FXStreet

Sarah Tran Sarah Tran
Independent Analyst

Cardano price is anticipating two major events that could see the token rally toward $3 and even higher toward its all-time high. The Ethereum-killer is set to be listed on Europe’s largest cryptocurrency exchange, and the ADA community is expecting news and updates on the protocol later this week. 
Cardano price has failed to galvanize investors' enthusiasm as it continues to trend lower. However, ADA is expected to be listed on Bitstamp, Europe’s biggest cryptocurrency exchange by trading volume, on November 24. The digital asset platform announced that deposits and withdrawals would be open on November 23, but full trading would commence the day after.
With the listing of ADA on Bitstamp, enabling the exchange’s users access to the Ethereum-killer, the bulls may be incentivized to propel Cardano price higher. 
Later this week, on November 25, Input Output, the development team behind the Cardano blockchain, will be hosting the Cardano 360 November edition, where key developments, updates and news will be announced. The core team behind the protocol, as well as guests across the ecosystem, will share updates on the third-generation blockchain.
In addition to the two upcoming major events for Cardano, the Ethereum-killer has formed a falling wedge pattern on the daily chart, suggesting a bullish outlook for ADA.
The optimistic chart pattern suggests a 35% rally for Cardano price toward $2.90 if it manages to slice above the upper boundary of the technical pattern. Additional buying pressure could even see ADA challenge its all-time high at $3.09.
However, Cardano price continues to hover around the lower boundary of the falling wedge which acts as support for ADA at $1.74. The Ethereum-killer must close above this level for a recovery to occur.
The first hurdle for Cardano price appears to be at the 200-day Simple Moving Average (SMA) at $1.88, then at the November 20 high at $1.95. Additional resistance will emerge at the 21-day SMA at 1.98, then at the 50-day SMA at $2.07. 
ADAUSDT
ADA/USDT daily chart
If Cardano price manages to tag the upper boundary of the falling wedge, coinciding with the November 11 high at $2.14, the bullish target of a 35% ascent toward $2.90 could then be on the radar.
However, if things go south for Cardano price, ADA could fall toward the November 18 low at $1.70. An increase in sell orders could push the token lower toward the June 15 high at $1.60.
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Cardano price is ready to rally after triggering the same pattern for the fourth time in the last two months. This development could provide buyers and traders with a quick and easy setup to capitalize on.
Solana price firmly held to slightly higher support to curb declines witnessed this week compared to July’s primary anchor at $35.00. The smart contracts token suffered a significant hack attack early Wednesday.
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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