Cardano (ADA) is currently demonstrating stability, trading around the $0.64 mark on the 4-hour chart. Following a notable liquidation event in October that briefly pushed prices into the low $0.20s, buyers intervened, stabilizing the cryptocurrency. Since then, ADA has settled back into its previous trading range, and market volatility has decreased. In the background, the Ouroboros Leios upgrade, a significant development aimed at improving throughput and parallelization, has entered the active engineering phase.
While institutional investors have shown some short-term caution, data indicates that large wallet holders have been quietly accumulating ADA. This behavior often suggests a longer-term investment strategy.
Current ADA Price Chart Analysis
The price action for Cardano is currently confined within a clear trading range. ADA continues to defend the $0.62 level, which has effectively transformed into local support after multiple intraday tests. Each attempt to push prices lower has been met with swift absorption, resulting in a tight band of closing prices above this key level and the formation of a small consolidation base.
On the upper end of the range, resistance is observed between approximately $0.68 and $0.72. The market has respected this ceiling on several occasions, and a decisive break above this zone is crucial for ADA to transition from a period of slow grind to a directional trend in November.
The overall technical structure suggests a period of coiling compression following a significant market shock. Such periods of compression are typically followed by an impulsive move once trading volume returns to the market.
Market Indicators
Momentum indicators suggest a neutral-to-constructive outlook for ADA. The 4-hour Relative Strength Index (RSI) has been fluctuating within the 40s and low 50s, which is consistent with a cooling-off phase rather than an impending trend breakdown.
Open interest experienced a decline during the liquidation event but has since been gradually increasing. This trend indicates that traders are re-engaging with the market, but they are not yet exhibiting excessive leverage.
The MACD histogram has been oscillating around the zero line, while the MACD lines themselves have flattened and are beginning to curve upward. These indicators do not signal widespread euphoria; rather, they suggest a market that is consolidating and preparing for its next move.
Short-Term ADA Price Outlook for November
The most probable short-term scenario for ADA involves continued consolidation. If ADA consistently closes above the $0.62 support level, the base is expected to strengthen further, attracting patient buying interest.
A strong 4-hour closing price above $0.70 would challenge the recent lower highs and potentially open the path towards the mid-$0.70s. If broader altcoin liquidity improves, the $0.80 level could then come back into play.
Conversely, if the broader market experiences a downturn, a loss of the $0.62 support level could lead to Cardano price declining towards the mid-$0.50s, where significant demand was previously observed.
With the Leios upgrade progressing, cross-chain narratives gaining traction, and market sentiment remaining cautious rather than overly enthusiastic, Cardano appears to be in a classic accumulation phase heading into November. While immediate explosive growth is not evident, the underlying market dynamics are stable, a solid base is forming, and the next significant directional move is anticipated when trading volume increases.