Cardano Price Forecast for November 26
Cardano (ADA) has recently dropped below the important $1 mark, showing a decrease of over seven percent in the last 24 hours. The coin faced significant resistance in the golden pocket range, between $1.12 and $1.23, on the weekly timeframe. This range has become a key area for Cardano, where it is currently struggling to break through.
After surpassing the 50% retracement level at $0.82 to $0.83, the price was anticipated to move towards this golden pocket area. Analysts, like Josh from Crypto World, note that this golden pocket serves as a strong Fibonacci resistance zone. The rejection from this region was expected, and Cardano may continue to encounter resistance in the short term. If the coin manages to break above this zone, the next target could be the 78.6% Fibonacci level at around $0.76.
In the short term, Cardano has started to correct after hitting its flag pole price target. The current key support level is around $0.97, with additional support at the 50% retracement level of $0.94. If the price drops below, there’s a short-term golden pocket support zone between $0.88 and $0.90. Breaking below this could lead to further support around $0.84 and between $0.76 and $0.77.
Looking ahead, resistance levels to watch include $1.15 to $1.17, with the strongest resistance still at the golden pocket range on the weekly chart. A breakout above this range could signal a bullish trend continuation. It’s important to monitor these levels for potential price movements.
Overall, Cardano’s price prediction for November 26 indicates ongoing resistance and support levels to watch out for. Stay tuned for further updates on the cryptocurrency market as it continues to evolve.
