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CARDANO PRICE ANALYSIS & PREDICTION (December 24) – ADA Trades Flat After Rejecting $1, Deciding Where Next To Head
As the holiday season approaches, the crypto market is showing mixed signals, with some assets experiencing a surge in value while others are struggling to make progress. In this article, we will delve into the latest Cardano price analysis and prediction for December 24.
ADA’s general outlook remains bullish on the mid-term, but the recent correction has brought a notable reduction in the past weeks. Following a brief bounce, ADA is now trading flat after rejecting a key psychological level of $1. This rejection led to a slight price reduction overnight and is currently losing momentum again on the daily scale as it faces a minor support level.
The ongoing price correction remains in play today but will likely come to an end soon as the bulls continue to react strongly to the price. Taking a short recovery from last week’s crash, ADA initiated another drop and broke down to a month low this week. While the latest decline indicates a continuation of the correctional phase, it recovered briefly on Friday but failed to push above the psychological $1 level yesterday.
The current trading range is critical as it determines where ADA will head next. A continuous breakdown in the price could trigger more losses next week. However, if the bulls regroup well to defend the recent weekly low, the crypto could recover strongly above the psychological level, signaling a fresh buying phase capable of skyrocketing the price to a new high.
Currently, there is not much buying volume in the market, but looking at the daily chart, the volume indicator remains in a downward range. A steady rise in the daily volume could bring fresh money into the market, resulting in a notable price increase.
ADA’s Key Levels to Watch
In terms of key levels, ADA is currently facing a minor support level of $0.875. The next support level to watch for a drop is $0.765, tested on Friday. A breakdown there could dip the price to $0.69, $0.6 and $0.522 respectively.
On the flip side, retaking $1 would be an immediate resistance level for the bulls, followed by $1.18 and $1.32. A surge through these levels could rally the price to $1.5 and $1.7.
Key Resistance Levels: $1.18, $1.32, $1.5
Key Support Levels: $0.875, $0.765, $0.69
Price: $0.9
Trend: Bearish
Volatility: High
Source: nulltx.com
