ADA Price Analysis – December 18
Cardano gains 3.92% as the market opens today, the coin moves from $0.031 to $0.033.
Resistance levels: $0.038, $0.040, $0.042
Support levels: $0.026, $0.024, $0.022
Today, Cardano has shown the highest point at $0.033 and the lowest at $0.030. The coin has tried to maintain its uptrend after a reversal from the bearish side but the medium-term of the coin is likely to be bullish as the price is about to touch the 9-day MA. As at the time of writing, everything is still going well with the coin and the bulls could make more effort to push the price above the 21-day moving average to meet the nearest resistance.
Moreover, if the coin could experience an increase in volume coupled with a bullish regroup, the ADA/USD pair may start to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $0.038, $0.040 and $0.042. In the opposite direction, ADA price may roll back to $0.026, $0.024 and $0.022 support levels if the bears step back into the market. Currently, the MACD signal lines are on the negative side indicating a continuous bearish dominant.
Against BTC, the market is seen to be moving within the ascending channel where the price is expected to break down below the channel as revealed in the daily chart. Should the price breaks below the lower side of the channel, then, the market may experience a downward trend and it could move towards the nearest support level of 465 SAT.
More so, the bearish sentiment may likely push the market to reach 450 SAT and 430 SAT support levels. In other words, if the market decides to follow the upward trend, the price is expected to move above the moving averages and reach the resistance of 515 SAT and 535 SAT levels. Meanwhile, the MACD signal lines are about crossing to the negative side which may likely give more bearish signals.
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