CARDANO PRICE ANALYSIS & PREDICTION (December 12) – ADA Cools Off Buying Amid Latest Drops But Still Holds 40% Weekly Gains

This month saw Cardano through another significant rally after taking a breath throughout last month. It recently reached a new milestone as bullish sentiment continues to hit the market. 

ADA saw a quick retracement overnight but appeared super bullish across all the major timeframes as the price touched $0.647 last weekend, marking its highest price level in twenty months with no sign of weakness at the moment. 

Before now, the asset underwent a small correction and remained calm as it traded sideways in the past month. This was after posting more than 80% gain in a month. 

It regained momentum last week and flipped through the crucial $0.4 resistance (November’s high), confirming the continuation of the existing bullish trend on the daily chart. We can expect more gains if the coin continues to break higher daily. 

Following the latest drops, which signals exhaustion in buying, the recently flipped resistance could serve as a retest point before bouncing back. But as it stands now, the supply level is still looking low on the higher timeframe. 

So far, the cryptocurrency has seen a 150% recovery in the last two months with a current market cap of $19.7 billion. More recovery can be expected if the demand level rises on a daily.

ADA’s Key Levels to Watch

Source: TradingView

ADA is currently targeting $ on the hourly chart. An increase above that level should push the price towards the $ and $ resistance levels. The main target for this short-term bull run lies at $53. 

Last weekend’s rejection has brought the current trading price to $0.56. A drop below $0.52 could dip the price to $0.46. The lower support level to consider for a deep retracement is $0.40.

Key Resistance Levels: $0.647, $0.70, $0.75

Key Support Levels: $0.52, $0.46, $0.40

  • Spot Price: $0.56
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

Michael Fasogbon: