Fun

Cardano (ADA) Struggles to Hold Ground: Another Drop Incoming?

News Feed - 2024-12-26 02:12:17

Este artículo también está disponible en español.


Cardano price started a downside correction below the $1.00 zone. ADA is consolidating and facing hurdles near the $0.920 and $0.950 levels. ADA price started a downward move below the $1.00 support zone. The price is trading below $0.950 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $0.950 resistance zone. Cardano Price Starts Fresh Decline


After struggling to clear the $1.00 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $0.9650 and $0.950 support levels.


The recent high was formed at $0.9495 before the price dipped. There was a move below the $0.920 support level. The price declined below the 50% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.


Cardano price is now trading below $0.925 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.920 zone. There is also a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair. Source: ADAUSD on TradingView.com


The first resistance is near $0.9350. The next key resistance might be $0.950. If there is a close above the $0.950 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term. More Losses in ADA?


If Cardano’s price fails to climb above the $0.920 resistance level, it could start another decline. Immediate support on the downside is near the $0.8950 level or the 61.8% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.


The next major support is near the $0.865 level. A downside break below the $0.8650 level could open the doors for a test of $0.820. The next major support is near the $0.8050 level where the bulls might emerge.


Technical Indicators


Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.


Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.


Major Support Levels – $0.8950 and $0.8650.


Major Resistance Levels – $0.920 and $0.950.

News Feed

Bitcoin rewards app Fold to go public on Nasdaq via SPAC deal
Tom Mitchelhill8 hours agoBitcoin rewards app Fold to go public on Nasdaq via SPAC dealThe Bitcoin-based cashback app will go public on the Nasdaq after a SPAC deal that’s expected to wrap up by the end of 2024.5355 To
KICK․IO Launchpad: The New Haven of Cardano “Venture Capitalists”
KICK․IO Launchpad: The New Haven of Cardano “Venture Capitalists” sponsored Crypto gains are not as good as they once were. The much-ant
8,000 Bitcoin Scam Victims Get Refunds From US Regulator
8,000 Bitcoin Scam Victims Get Refunds From US Regulator The U.S. Federal Trade Commission is refunding about 8,000 victims who lost money from investing in two
Wormhole Adds Binance Smart Chain Support to Network Bridge
Wormhole Adds Binance Smart Chain Support to Network Bridge During the first week of September, the Wormhole Network’s ethereum ↔ solana bridge was introduced to the
China’s Real Estate Giant Evergrande Narrowly Dodges Default for Third Time in 30 Days
China"s Real Estate Giant Evergrande Narrowly Dodges Default for Third Time in 30 Days In mid-September China’s Evergrande Group, the country’s second-largest propert
Solana Flips Bullish: Price Climbs Above Ichimoku Cloud With Strong Momentum
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Analyst Identifies Bitcoin Key Support Levels Amid Rebound Challenge – Details
Este artículo también está disponible en español. The price of Bitcoin has shown no significant movement in the past day following a price rebound at the start of January
Turner Wright8 hours agoNishad Singh testifies on Sam Bankman-Fried’s ‘excessive’ investments through AlamedaThe former FTX engineering director reportedly testified that SBF would “unilaterally spend Alameda’s
UAE regulations may lead to crypto payment ban, warns lawyer
Ezra Reguerra13 hours agoUAE regulations may lead to crypto payment ban, warns lawyerUAE lawyer Irina Heaver told Cointelegraph that the policy shift could signal a “less favorable environment” for crypto in the UAE.
India Considers Imposing 28% GST on All Crypto Transactions: Report
India Considers Imposing 28% GST on All Crypto Transactions: Report The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transa
Tom Mitchelhill6 hours agoCaroline Ellison’s list of ‘Things Sam Is Freaking Out About’ could be used in trialThe prosecution intends to use Caroline Ellison"s personal memos alongside a trove of other evidence aga
Abkhazia Lifts Two-Year Ban on Bitcoin Mining, Moves to Regulate the Sector
Abkhazia Lifts Two-Year Ban on Bitcoin Mining, Moves to Regulate the SectorAbkhazia, the self-governing but disputed territory of just 245,000 people sandwiched between Russia and G