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CARDANO PRICE ANALYSIS & PREDICTION (December 24) – ADA Trades Flat After Rejecting $1, Deciding Where Next To Head
As the cryptocurrency market experiences a rollercoaster of events, Cardano (ADA) has remained stagnant after rejecting the highly anticipated level of $1. This recent development has left investors and traders wondering what’s next for the digital asset.
The article highlights that ADA’s overall outlook is still bullish on the mid-term, but the latest correction has led to a notable reduction in value over the past weeks. The cryptocurrency bounced briefly but is now trading flat after failing to push above the psychological $1 level yesterday. This rejection has resulted in a slight price decrease overnight and a loss of momentum on the daily scale as it faces a minor support level.
In recent times, ADA has initiated another drop and broke down to a month low this week. Despite the latest decline indicating a continuation of the correctional phase, the cryptocurrency recovered briefly on Friday but failed to push above the psychological $1 level yesterday. This rejection led to a slight price reduction overnight and is now losing momentum again on the daily scale as it faces a minor support level.
Although the breakdown in the price could trigger more losses next week, if the bulls regroup well to defend the recent weekly low, Cardano (ADA) may recover strongly above the psychological level, signaling a fresh buying phase capable of skyrocketing the price to a new high.
Presently, there is a lack of pressure as there is not much buying volume in the market. However, upon examining 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, leading to a notable price increase.
ADA’s Key Levels to Watch
The cryptocurrency currently faces a minor support level of $0.875 and if that breaks down, the next support level will be $0.765, which was tested on Friday. A breakdown at this level could lead the price to dip to $0.69, $0.6, and $0.522 respectively.
In the event of a breakout above the psychological $1 level, the immediate resistance levels for the bulls would be $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
Source: nulltx.com
