Cardano Price Forecast – ADA Spikes Up 1%, Can Cardano Reach $5 in November?

Cardano Price Forecast –  Can Cardano Reach $5 in November?

This week, the ADA/USD pair has been trading significantly bullish, breaking a weekly bearish trend and producing bullish engulfing candles. However, the ADA/USD pair is now struggling to break above the major resistance level of $0.4320. 

On October 11, the ADA/USD pair broke through a descending triangle pattern at $0.3990. A bearish breakout of a descending triangle pattern usually results in a continuation of the selling trend, followed by a bullish correction. As a result, a Doji candle below the 50-day moving average line of $0.4260 is concerning for Cardano buyers. 

Cardano may trade a bearish unit for $0.3570 or $3365 under this scenario. A further bearish breakout could push ADA to $0.3020.

Leading indicators such as MACD and RSI are still in the buying zone. However, the 50-day moving average points to a selling bias. Therefore, a bullish breakout above the $0.4320 level can provide further room for buying until $0.5190 or $0.5850  

Cardano is unlikely to reach $5 anytime soon, but a breakout and close of candles outside $0.43 may drive a further buying trend.

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