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Buyers are dominating Cardano market
ADA Price Analysis – 12 December
Cardano may drop as low as $0.50 or $0.48 if sellers are successful in keeping it below the $0.54 support level. If the $0.58 barrier is crossed, the resistance levels at $0.62 and $0.65 will be examined.
Key Levels:
Resistance levels: $0.58, $0.62, $0.65
Support levels: $0.54, $0.50, $0.48
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart has demonstrated a bullish trend. On the chart, a definite bullish reversal pattern known as a double bottom appears near the $0.26 support level. As the market started to rise, levels of resistance between $0.48 and $0.50 became levels of support. A bullish daily candle occurred a few weeks ago, and the price challenged and broke above the $0.65 mark. It pulled back to retest $0.58 level. The coin’s price is currently trading over the $0.58 mark, trying to break up $0.58 level.
Cardano is trading above the 9 and 21-exponential moving averages suggesting that bulls are in charge of the market. The price may drop as low as $0.50 or $0.48 if sellers are successful in keeping it below the $0.54 support level. If the $0.58 barrier is crossed, the resistance levels at $0.62 and $0.65 will be examined.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an increasing trend. Last week, it challenged the $0.65 resistance level on the 4-hour chart before retreating. The bulls overcame the bears and the positive trend continued when the $0.58 level was retested. As the strength of the bulls grew, the coin attempted to break beyond the $0.58 barrier. It is feasible to surpass the upward barrier level of $0.62.
The fact that Cardano’s price is currently above exponential moving averages with 9 or 21 periods is promising. Considering that a buying signal and a signal line at level 61 are compatible with the current ascent in the relative strength index period 14.
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