Cardano price forecast for November 28
Cardano (ADA) is once again trading above the $1 level and is up more than seven percent in the last 24 hours. The altcoin may enter a critical zone in the next few hours and here's an analysis of what's next:
Wave 4 setup and support tiles
ADA price is currently in Wave 4, with support expected between $0.85 and $0.60. The most important support level to watch is around $0.702. This wave could be higher, but the recent pullback has been deeper than expected, making the opening of Wave 4 more likely.
Bullish potential pullback though
The pullback from the Nov. 23 high was in three waves instead of five, giving it room to move higher. While this doesn't guarantee a breakout, it does leave the door open for a higher price.
Fibonacci support levels have been reached
Key Fibonacci support levels between $0.88 and $0.778 have been reached, and the market is now testing resistance levels. The ideal target for the current action was the 100% Fibonacci extension, which has already been met, and ADA is now trying to raise it.
Resistance zones and market outlook
As the ADA nears opposition, we'll have to keep a close eye on price action. Normal resistance levels are between $1.14 and $1.12, with another level around $1.87. If ADA violates these levels of protection and remains elevated, it may indicate the beginning of a bullying trend. But if the price declines, it may indicate that the current rally is part of a corrective action.
Key steps to be observed
If you are holding positions from the Fibonacci support zone, the analyst said, consider moving your stop-loss to the breakout to protect the profit. If the price declines, look for potential support around $0.85 and $0.77.
