ADA Price Analysis – December 4
ADA/USD maintains a decreasing channel trend as the Bitcoin market also builds a descending wedge. Obviously, the markets generally are collapsing.
Resistance levels: $0.0390, $0.0395, $0.0400
Support levels: $0.0360, $0.0351, $0.0345
ADA/USD is moving with strong bearish candles, since the beginning of the day, the massive drop has positioned ADA in a decline mode. Looking at the daily chart, the trend is maintaining a descending channel pattern under the 9-day and 21-day MAs. The candles have touched the previous support at $0.0365. A potential pullback may likely take the price up to retest $0.0380 resistance level, where the 21-day MA lies.
Moreover, should in case the rally continues, it may likely extend it to the main support levels of $0.0360, $0.0351 and $0.0345 respectively. If the price fails to swing lower at the aforesaid resistance level, the high move could visit the $0.0390, $0.0395 and $0.0400 resistance level. Currently, on the MACD, the signal lines are still on the negative side indicating a continuous bearish dominant.
Taking a look at ADA against BTC, we can easily see that the coin has been unstable since the beginning of this month, but presently, the price action has recently managed to break above the 9-day moving average to reach the resistance level at 516 SAT. Any effort by the buyers to move further may likely push the price to the resistance level of 530 SAT and above.
In other words, if Cardano crosses down below the moving average of 9days, the market is expected to reach the support zones of 500 SAT and 450 SAT price levels. Meanwhile, the RSI (14) indicator confirms that the market is facing the north but at the time of writing, the ADA market is still following a bearish scenario.
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