Price Analysis

Cardano (ADA) May End the Year on a Bearish Note; Support Levels Shift Downwards

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  • ADA has largely been bearish in the later half of this year; lower high pattern accompanies the lower low pattern
  • Above the 38.20% Fib level, Cardano holds strong resistance zone and continues to break the key support levels

It was in June when the last time the crypto market was on a bullish spree in its full form. After that, July, September, and even November witnessed a massive price plunge. Currently, Cardano, one of the leading altcoins, is trading with strong bearish bias while holding negative technicals.

Cardano Price Prediction

Cardano saw a notable price rise in March when it sharply escalated from $0.042 to $0.086. The coin kept its uptrend intact until it hit the price mark above $0.1 in June. However, in mid-July, ADA’s price heavily pulled back, impacting the coin to quite an extent.

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Since then, the currency has not broken out of the bearish grip while trading below major support levels. Above the 38.20% Fib level, a strong resistance level appears while below the 50% Fib level, Cardano has formed a lower low pattern with a lower high pattern, confirming the negative bias. Today, at 19:29:55 UTC, ADA coin trades at $0.033.

Cardano
Cardano Price Chart by TradingView

MACD of the ADA coin doesn’t show much of momentum as it keeps moving near the zero line only. It is in the bearish phase with its MACD line on the downside. The 50-day MA is way below the 200-day MA, noting the sloppy and bearish price trend.

Cardano carries a prolonged selling pressure, and it may see resistance at $0.04052, $0.041452, and $0.042479 and support levels at $0.038561, $0.037534, and $0.036602 over the next 30 days.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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