Cardano Trades Critically in December: Could ADA Price Drop Further?

  • ADA price is showing signs of decline and trading above $0.35 against the US dollar.
  • The price is trading below $0.388 and the 100 simple moving average (4 hours).
  • There is a major downward trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair (data feed via Kraken).

Cardano is trading at important price levels, and support and resistance levels to watch for ADA are critical!

Cardano (ADA) Price Extends Decline!

Last week, Cardano’s price made several attempts to surpass the $0.400 resistance. However, the bulls failed and the price reacted downwards below the $0.388 support.

The price fell below the $0.380 and $0.365 support levels. Finally, it tested the $0.355 support. A low was formed near $0.3534, and the price is now attempting a small upward correction similar to Bitcoin and Ethereum.

ADA is still trading below $0.388 and the 100 simple moving average (4 hours). There is also a major downward trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair. In the upward direction, sudden resistance is near the $0.375 area or the 50% Fib retracement level of the last decline from $0.3978 to $0.3534.

The next major resistance is forming near the $0.380 area or the trend line. It is close to the 61.8% Fib retracement level of the last decline from $0.3978 to $0.3534.

ada-usd-4-s

ADA/USD 4 Hour Price Chart

If there is a break above the $0.375 and $0.380 resistance levels, the price may start a good increase. In this case, the price may even surpass the $0.388 resistance area. The next key resistance could be $0.400, and it could test $0.42 above it.

If Cardano’s price fails to rise above the $0.375 and $0.380 resistance levels, it may continue to decline. The downward support is near the $0.355 level.

The next major support is near the $0.350 level. A break below the $0.350 level could open the doors for a new decline towards $0.320. The next major support is near the $0.312 level.

Technical Indicators

  • 4-hour MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
  • 4-hour RSI (Relative Strength Index) – The RSI for ADA/USD is currently below the 50 level.
  • Main Support Levels – $0.355, $0.350, and $0.320.
  • Main Resistance Levels – $0.375, $0.380, and $0.400.
Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.

Bitcoin Fees Skyrocket, Surpassing Ethereum – Could Ordinals Boost BTC Security?

Discover how Bitcoin fees have soared, the role of Ordinals in this trend, and the potential implications for Bitcoin's security model.

Bitcoin Halving Sparks Market Volatility: Demand Surge Meets Miner Challenges

Discover the key factors driving Bitcoin's trajectory after the halving. Get expert insights into the potential for a supply shock, the role of ETFs, and the challenges faced by miners.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.