The month of November was likely a difficult month for bullish speculators of ADA/USD. After attaining a high of nearly 2.370000 on the 12th of November, Cardano saw its momentum upwards reverse and, as the month closes, the price of ADA/USD is hovering near 1.560000. The current price level for ADA/USD is important because it is testing mid-term lows not sincerely traded since the second week of August.
ADA/USD was able to achieve an all-time high early in September slightly above the 3.10000 ratio. However, since reaching this apex, price ADA/USD has incrementally lowered in value. Yes, ADA/USD was able to stage a brief reversal higher starting the last week of October when the value of Cardano slipped to lows of nearly 1.850000 and then climbed to its highs in the second week of November. Yet, the high seen only a few weeks ago quickly lost momentum after running into resistance. It should also be pointed out that ADA/USD has correlated to its major counterparts.
The broad cryptocurrency market has slumped among many of the major digital assets since the middle of November. Technically ADA/USD is now traversing important support and if the 1.500000 level is punctured lower and the 1.470000 mark is proven vulnerable this could set off additional selling among nervous speculative elements within Cardano.
On the 21st of July, ADA/USD was trading slightly above the 1.00000 mark, this is important because it was during this period that Cardano began to incrementally rise in price. The question now for traders after watching ADA/USD achieve its highs in early September, is if the values of the cryptocurrency will again reverse higher or if the downwards momentum may test further lower depths. The 1.470000 level could prove to be an important lynchpin. Psychological support may be very important near the current 1.500000 support juncture, but if prices drop and sustained trading occurs below - further negative trading may develop.
Cardano was able to ride an extremely positive buying trend from the third week of July until early September, but the exuberant highs demonstrated have gradually eroded. Day traders looking for ADA/USD to reverse higher who are conservative may want to wait for indications that the trend is going to not only change its current short-term trend, but that momentum is displayed by breaking resistance levels upwards for a duration of time longer than a few days. The 1.660000 level appears to be important for ADA/USD and if this mark can be punctured higher, and the 1.700000 level is flirted with it is conceivable that Cardano could again challenge higher levels.
Cardano Outlook for December
Speculative price range for ADA/USD is 1.110000 to 2.520000.
Volatility within ADA/USD remains a large factor. Traders need to be prepared for large percentage changes in value and need to use their risk management carefully to protect themselves against moves which can become costly in a hurry. If support for ADA/USD continues to erode and the broad cryptocurrency market remains stagnant, nervous sentiment could generate additional moves downward which could test the 1.480000 mark quickly. If this support level falters and the 1.400000 juncture is disturbed with a bearish trajectory, sellers may believe the 1.350000 and 1.300000 values could be tested.
Bullish traders who believe ADA/USD is going to demonstrate a reversal upwards cannot be faulted. However, current support levels need to prove adequate in the short term and then a reversal upwards which proves it can maintain values above the 1.650000 juncture should be exhibited. If buying proves to be strong near the 1.650000 juncture, speculative wagers on the 1.700000 to 1.750000 region could be a worthwhile wager. Traders are encouraged not to be overly ambitious and use quick hitting take profits to cash out winning positions if they develop. For the moment ADA/USD appears to be under a dark cloud of sentiment and speculators should be cautious.
