Cardano has really fallen short among other cryptos in recent weeks. It joined all crypto in selling off at the beginning of September, but struggled to ever recover as most others reclaimed new highs. Bitcoin is trading 28% higher than the price before the September dip whilst Ethereum is up 22% from that time, both currently at all-time highs. But today (at the time of writing), Cardano (ADA) has gained 11%, currently at a price of $2.35.

Road to recovery?

There doesn’t seem to be any specific news related to this move for Cardano. However, the chart tells a story and seems to be what is causing the move. ADA is a favourite among many alt-coin traders. It sits at number 4 in terms of market cap. But it has been neglected in recent weeks. The price held $1.90 during the start of the month and looks to be gaining momentum.

Personalities of securities are something to consider before taking a trade. One thing that always keeps me interested in Cardano is its personality. It has often seen strong moves up. I believe that this coin is starting another move again. Combine this with ADA lagging behind the progress of other top cryptos, this move could catch some eyes. The more volume that comes in will also help the move progress.

Technicals

Cardano has a previous high of $3.101. It is currently 24% below this. As mentioned before, Ethereum and Bitcoin are currently above September levels. I think the price may hit resistance above $2.80, but once this is broken, new highs should follow soon after. $3.40 is a target for the end of the month based on previous moves and also the current performance of other coins.

The volume seen today is nearly double the 50 day average. This creates a strong support to confirm this move up.

Chart provided by TradingView

Overall

The usual risk with cryptocurrencies is the volatility and dramatic changes in sentiment. The bullish sentiment is strong right now after the US claimed they would never ban them. I can’t see many roadblocks to put a pause on the current moves we are seeing. Cardano should be your top watch for November.

Take a look also at our thoughts on Polkadot and Floki, which has been popping up around the streets on London recently.

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