Will Cardano's price surge past $1? Could ADA have a positive note at Dalal Street?

Cardano (ADA) is showing strong bullish signs on the weekly chart, with an RSI reading of 79.25, signaling intense upward momentum. However, potential short-term dips might present lucrative buying opportunities for traders.

Weekly Chart Highlights

Cardano hit a new high for 2024 last week and continues to trend upwards. The $0.6 resistance zone caused a brief rejection on November 11, but ADA quickly rebounded, reaching $0.819.

On the weekly timeframe, no bearish divergence was observed, reinforcing the bullish sentiment. However, the daily chart suggests otherwise, showing a bearish divergence as bulls struggle to turn the $0.787 level into solid support. A potential dip to $0.705 could occur before the uptrend resumes.

Adding to the positive outlook, the On-Balance Volume (OBV) has risen significantly in November, reflecting growing demand for ADA.

Reasons Behind a Potential Dip

Data from the 30-day liquidation map indicates several long liquidation levels between $0.741 and $0.781. A pullback to this range could trigger liquidations, possibly driving prices toward $0.726 before recovering.

This aligns with the bearish divergence on the daily RSI and the ongoing battle near the $0.787 resistance. While these dips could seem like setbacks, they may create healthy opportunities for buyers to re-enter the market and ride the bullish wave.

Broader Market Context

Bitcoin’s (BTC) recent rally of 5% to nearly $90,000 also bolsters ADA’s long-term bullish outlook. While BTC may see a short-term dip, it remains strong overall, further supporting the broader crypto market momentum.

Despite possible short-term volatility, Cardano remains positioned for a significant rally. Traders can monitor the $0.787 level for signs of recovery and take advantage of dips to capitalize on ADA’s potential surge beyond $1.

Implications at Dalal Street:

The movement of ADA could have a ripple effect on investor sentiment in the Indian markets as well, particularly among retail investors with exposure to cryptocurrencies. As the crypto market continues to gain recognition, Cardano's growth could inspire a renewed interest in digital assets on Dalal Street, which could lead to increased discussions around the regulatory and investment aspects of cryptocurrencies in India.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.