Cardano (ADA) 
$0.33952 Its price dropped by 4.8% to $0.33 due to the uncertainty the market experienced before the US presidential elections. Bitcoin in the same period 
$68,287 When it fell below the $68,000 level, a general selling pressure was observed in the crypto market. Now investors are wondering whether ADA can reach the targeted $0.5 level in November.
Renewed Optimism in the Cryptocurrency Market
With only a few days left until the US presidential elections, an upward trend has begun to be seen in the crypto market again. ADA price took advantage of this positive atmosphere in the market and turned the downward trend into a horizontal movement. This change indicates that market participants’ interest in ADA continues.
Technical Analysis: Critical Levels
Since June, ADA has formed a symmetrical triangle formation by moving between two converging trend lines. This structure could be a short-term consolidation signal in price action. If market corrections continue, ADA can be expected to drop another 2.8% and find support at the ascending trend line that has been maintained since June 2023.
Whale Movements and MVRV Rate
Santiment data shows that ADA’s 30-day market value to realized value ratio (MVRV) has fallen to -6.37%. This ratio reveals whether ADA’s market value is overvalued or undervalued relative to its current price. Historically, MVRV ratio falling below -6% indicates periods when local market bottoms are formed.
On the other hand, the savings of wallets holding 100 million to 1 billion ADA increased from 2.06 billion ADA to 2.95 billion ADA in the last four months. This increase shows that major investors’ confidence in the long-term potential is strong. Such accumulations by large investors are considered a sign of decreasing selling pressure and strategic purchases. However, if the selling pressure on ADA’s uptrend line continues, the price may continue to trend sideways.
Critical Threshold to Achieve November Target
For ADA to reach its target by mid-November, buyers must achieve the breakout. Passing this level seems to play an important role in ADA reaching the $0.5 target.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
