Cardano Price Forecast: November 27 [2021]
Cardano, a popular cryptocurrency, is currently facing some key levels of support and resistance. The coin is trading below $1 and down by more than three percent in the last 24 hours. Analysts are keeping a close eye on Cardano’s price movements, with many predicting potential breakout levels.
One important support level to watch is around $0.82 to $0.83, where Cardano is testing its 50% Fibonacci retracement level. If the price holds above this range, it may find support and bounce back. However, if it drops below this level, further downside could be expected.
On the upside, Cardano is facing resistance at a crucial level known as the “golden pocket” between $1.13 and $1.23. If the coin manages to break through this resistance zone, the next major target could be around $1.76. However, this breakout has not yet been confirmed.
In the short term, Cardano is in a descending parallel channel, indicating a bearish trend. Despite this, the long-term outlook for Cardano remains bullish, with higher lows and higher highs. Traders are keeping an eye on support levels at $0.88, $0.89, and $0.83, with potential further support around $0.76 to $0.77.
Resistance levels to watch include $0.94, $0.98, and $1.07, which could prevent the price from moving higher if the bearish trend continues. Overall, Cardano’s price movements are closely monitored by investors and analysts alike, with predictions and analysis guiding trading decisions and market sentiment.
