Date: Mon, Dec 02, 2024, 10:55 AM GMT
Earlier today, the cryptocurrency market witnessed a bullish rally, with several major altcoins gaining traction. Cardano (ADA), one of the top-performing altcoins, surged over 10% to reach a high of $1.19. However, the market has since experienced a correction, and ADA is now trading at $1.07, marking a retracement of its earlier gains and a decline of 0.48%.

Source: Coinmarketcap
Pulls Back To Key Support
During this correction, $ADA has pulled back to a critical ascending trendline support around $1.07. This trendline has consistently provided a foundation for ADA's bullish momentum, and the current pullback represents a 10% correction from its daily high.

The $1.07 level is crucial. If ADA manages to hold this support, it could bounce back toward the resistance zone near $1.15. This range remains a key area to watch, as it could pave the way for ADA to retest its recent highs of $1.19.
However, in the case of a breakdown below $1.07, the next potential support levels are identified at $1.03 and, further down, $0.97. A failure to hold $1.03 may indicate a deeper retracement, pulling ADA closer to its previous accumulation zones.
Can It Bounce Back?
As of now, ADA is showing signs of strength around the $1.07 trendline, suggesting the potential for a reversal from this level. If buyers step in and sustain momentum, the price may push back toward the upper trendline resistance of $1.15-$1.19. However, traders should watch for signs of weakness or lack of volume at this level, which could indicate the risk of further downside.
Conclusion
Cardano's ability to hold the $1.07 ascending support is key to determining its short-term trajectory. A bounce from this level could renew bullish sentiment, while a break below could open doors to deeper corrections. Traders should closely monitor these critical levels and remain cautious amid market volatility.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
#Cardano

Notable #Cardano pundit Dapp Central has suggested that this could be the last time to accumulate Cardano amidst bullish Bitcoin predictions.

Read more on: https://thecryptobasic.com/2024/12/02/pundit-says-this-could-be-the-last-time-to-accumulate-cardano/
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Solana $SOL , the fourth-largest cryptocurrency by market capitalization, has solidified its position as one of this month’s top gainers. The token’s price has surged over 30% on the monthly chart, currently trading above $235. With strong bullish momentum, Solana is setting its sights on retesting and breaking its all-time high of $263, making it a key altcoin to watch.
If #Solana can successfully flip the $245 resistance level into support, it could enter price discovery mode, unlocking further upside potential. Technical indicators such as the 20-VWMA and 9-HMA signal continued bullish momentum, suggesting that SOL could cross $500 by year’s end. This surge is further fueled by the growing popularity of SOL-themed memes, which have attracted significant community attention.
Top analysts have shared optimistic projections for Solana’s future. Richmfer_nft forecasts a remarkable $1,000 price target for SOL by 2025, while Whitfordtrades predicts a mid-term range of $400 to $500. These bullish outlooks reinforce Solana’s position as one of the most promising altcoins for investors.
With its recent performance and robust growth potential, Solana continues to captivate market participants and remains a key contender in the cryptocurrency space.
#Cardano (ADA), a leading altcoin, has reclaimed the critical $1 support level after a strong rebound. Over the past 30 days, ADA's price has skyrocketed by 200%, with an additional 21% gain on the weekly chart, signaling robust momentum. As it continues to build on this upward trajectory, $ADA is emerging as one of the most promising cryptocurrencies to invest in.
Key technical indicators bolster this bullish outlook. The MACD (12, 26) shows positive momentum, while ADA's price is trading above the 10-EMA ($0.95) and 10-SMA ($0.97), both signaling strong buy opportunities. Analysts predict further gains, with projections indicating a rally above $5 during the current bull market.
Cardano enthusiast and analyst ADA_ONEVETCOTI has set an ambitious target, claiming ADA is "going to $7." Similarly, TheCryptoHome, another prominent analyst, anticipates ADA will reach between $5 and $7 during June’s anticipated parabolic run.
With its impressive performance and bullish technical indicators, Cardano stands out as a compelling opportunity for investors looking to capitalize on this cycle’s growth potential.
#CryptoManMab