Will the price of Cardano (ADA) rise or pull back to $0.49?

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After a strong rally in November and early December, the price trend of Cardano (ADA) entered a correction phase, attracting widespread attention from the market. Analysts are closely watching whether the current correction will lead to a larger rebound or continue the adjustment trend.

Price adjustment and market status

ADA recorded significant gains in November, peaking at $1.30 in early December. However, the subsequent correction has brought its price down and entered a consolidation phase. As of now, ADA is priced at $0.8874, down 19.85% over the past week, with a market cap of approximately $31.87 billion, indicating persistent market pressure.

Signals from technical indicators: Is the downtrend weakening?

MACD: The line is below the signal line, confirming a bearish trend. Although the histogram is negative, its flattening slope suggests that selling pressure is gradually weakening.

Awesome Oscillator (AO): Still in the negative territory, but the descending slope indicates that the downtrend may be nearing its end.

Relative Strength Index (RSI): Currently at 41.13, indicating that the price has not yet entered oversold territory and may have further room for correction.

Key support levels and market predictions

Analysts point out that the important support levels for ADA are at $0.68 and $0.49. If the price declines further, these supports may lay the foundation for a bull market in 2025.

Renowned analyst Ali Martinez compares the current market correction to the cycles of 2020, believing that the current pullback pattern is strikingly similar to historical bull market cycles of ADA. This similarity suggests that the current price correction may herald the continuation of a long-term bullish trend.

Cardano is currently at a critical turning point, with market corrections and technical indicator signals suggesting that the downtrend may gradually be easing. The key support levels will become the focus of short-term attention, while in the long run, historical patterns and ecological development provide hope for ADA's future growth. Do you think ADA can seize the opportunity of the next bull market to return to its peak?

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