Cardano (ADA) gained 3.66% on Nov 4, trading at $0.197, as the broader cryptocurrency market recovered after the U.S. midterm elections, according to CoinGape. Bitcoin pushed above $80,600 and Ethereum rose past $2,430, lifting risk‑on sentiment across major assets.

Technical landscape shows volatility

The price rise follows a brief dip to $0.188 on Nov 3, when ADA fell below a key support zone, reported by CoinJournal. Technical indicators remained weak: the 100‑day EMA sits at $0.215, the 50‑day EMA at $0.216, and the RSI hovered near 30, suggesting oversold conditions but no clear bullish reversal. Resistance is clustered between $0.215 and $0.218, with higher levels at $0.236 and $0.245 acting as longer‑term barriers.

Derivatives market sends mixed signals

CoinJournal noted that ADA’s funding rate turned positive on Nov 3, reaching 0.0097%, meaning long traders are paying shorts to maintain exposure. At the same time, the long‑to‑short ratio fell to 0.8248, its lowest in over a month, indicating that short positions still dominate. This divergence points to a divided trader outlook that could amplify price swings.

Ouroboros Leios upgrade moves toward mainnet

Cardano’s development team reported progress on the Ouroboros Leios protocol, with four of seven roadmap objectives now complete, according to CoinGape. The update is being validated on the Musashi testnet, and the next steps include the Leios‑enabled Node 11.3 release and governance actions required for the upcoming Dijkstra hard fork. A 1,000‑TPS demo has been demonstrated, though actual mainnet performance will depend on final parameter settings.

What to watch next

Analysts will monitor whether ADA can break the $0.215‑$0.218 resistance band, which would open a path toward $0.236 and potentially $0.30 in the longer term. Conversely, a sustained move below $0.155 could signal a deeper correction. Additional data on the Leios mainnet launch schedule and any regulatory developments after the new Democratic Congress takes office will also influence market sentiment.