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Cardano (ADA) Price Prediction for December 31
As we approach the end of the year, investors are eagerly awaiting predictions for the future performance of various cryptocurrencies, including Cardano (ADA). Based on recent trends and technical analysis, it appears that ADA’s price is poised to continue its downward trajectory.
The majority of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have been struggling to gain momentum in the market. Cardano (ADA) has also been affected by this negative sentiment and bears a bearish outlook on the short-term horizon.
Using technical analysis tools, we see that ADA is exhibiting a descending triangle pattern on its daily chart, which suggests that it may be primed for further decline. If the token fails to close above $0.825, it’s possible that we could see a drop of around 10% or more in the near future.
The sentiment among investors is currently bearish, and this trend is likely to continue. It’s also worth noting that long-term holders have shown significant interest in ADA, as reported by Coinglass, which suggests that they may be buying into the dip.
Source: coinpedia.org
