CARDANO PRICE ANALYSIS & PREDICTION (December 17) – ADA Poises For Another Drop But Can it Hold Above $1?

Cardano’s ADA general outlook remains bullish on the daily following a 3x increase in a month. However, it has been facing hurdles for some days now due to low demand. Breaking up should drive more gains in the future. The last two weeks of trading have been a tough moment for the bulls as they find it difficult to sustain momentum above the monthly rejected $1.3 level. Although they are still gaining control in the mid-term but their commitment seems not strong enough to drive the price higher. This low commitment has brought a notable reduction in the last 24 hours, and as seen on the daily chart, ADA is now trading at around $1 after rejecting $1.2 on Thursday. Just like what we saw this week, the latest rejection could lead to another decrease in the upcoming week. Considering yesterday’s strong bearish close, which suggests a potential sell, the asset may drop into the $0.8 range. Locating support in the price range could trigger a bounce back. If not, we may see more drops until it finds a threshold. On the daily chart, the volume indicator has been on the fall since the price entered $0.7 in mid-November. A rise in this volume should bring buying pressure back into the market. Having said that, it is important to note that ADA is currently under correction. ADA’s Key Levels to Watch Source: Tradingview Losing grip above $1, it may navigate the $0.9 and $0.875 levels for support. A breakdown from there could plunge the price to $0.765 and $0.69. Lower supports for a broader correction are $0.6 and $0.522. If ADA climbs back above $1.154 along with the rejected monthly $1.32 high, the next buy target for the bulls would be $1.5, $1.7 and $2 in no time. Key Resistance Levels: $1.154, $1.32, $1.5 Key Support Levels: $0.875, $0.765, $0.69 Price: $1 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: niphonsubsri/ 123RF // Image Effects by Colorcinch