Cardano (ADA) has taken a beat, bottoming to $1 after losing 17% of its value in just 24 hours. This big dip has put the altcoin under heavy selling pressure. Right now, it’s stuck under resistance between $1.12 and $1.24 on the weekly chart. It’s not just ADA struggling—other major cryptocurrencies like XRP and DOGE are also seeing losses, making this a tough time for the crypto market.
Key Support and Resistance Levels
Cardano’s price action suggests a struggle to break above the current resistance range. If ADA successfully closes a weekly candle above $1.23 or $1.24, it could set the stage for a rally towards the $1.46 level, which aligns with previous highs. Beyond that, a more formidable resistance zone is anticipated near the 78.6% Fibonacci level, around $1.76 to $1.77.
On the downside, critical support levels to watch are $0.90 and $0.82. A dip below $0.82 might signal a deeper market correction, making these levels vital for traders looking to gauge the market’s trajectory. Observing these support zones will be crucial to assessing potential reversal points or continuation of the bearish trend.
Both Short-Term and Long-term Outlook Show Mixed Bearish and Bullish Chase
In the near, ADA is showing signs of weakness. The charts show a bearish divergence, where the price is inking higher-ups, but the Relative Strength Index (RSI) is making lower highs. This is a sign that bullish energy is waning, which could lead to sideways trading or a small pullback in the coming days.
Even though the near picture looks shaky, Cardano’s future picture remains positive. The market sentiment is still pro-bullish overall, and ADA’s price could bounce back if it breaks through its present resistance zones. For now, traders should watch closely to see whether ADA can break out or if it pulls back to lower levels, which could present a good buying opportunity.
Market Snapshot is Healthy
At the moment, ADA is trading at $1.0138. Predictions suggest it could rise by 21.14% to $1.193495 by January 9, 2025. The Fear & Greed Index is at 78, which shows “Extreme Greed.” Over the past month, ADA has had 20 out of 30 green days, reflecting decent performance despite recent struggles.
Alt text: Chart showing Cardano (ADA) Iive price today. Source: TradingView
The 50-day Simple Moving Average (SMA) is $0.698013, and the 200-day SMA is $0.481446. These indicators suggest a continued bullish trend in the months to come. The RSI is sitting at 53.50, which means the market is neutral—not too hot and not too cold.
2024 Price Prediction for ADA
Looking ahead, Cardano is expected to trade between $0.910579 and $1.061737 throughout 2024. The average annual price is forecasted to be $0.996008, which could deliver a modest return on investment of around 4.93%. By December 2024, ADA might settle within this range, which represents a slight drop of 1.57% from today’s price. Long-term investors could still see small but steady gains if these predictions hold true.
Cardano is at a crossroads with some short-term challenges but a promising long-term outlook. While resistance at $1.12 to $1.24 remains a hurdle, the broader market sentiment is still optimistic. Keep an eye on key levels, like the $0.90 and $0.82 supports, as well as the $1.23 resistance. With the Fear & Greed Index showing “Extreme Greed,” ADA could still offer opportunities for both cautious traders and bold investors.
FAQs
1. What is Cardano’s current price?
Right now, Cardano is trading at $1.013844. Analysts expect it to climb to $1.193495 by January 9, 2025.
2. What are the key levels for Cardano’s price?
Cardano’s key support levels are $0.90 and $0.82. Resistance lies between $1.12 and $1.24, with higher levels at $1.46 and $1.76.
3. Is Cardano in a bullish or bearish phase?
While short-term signals point to bearish momentum, Cardano’s long-term outlook remains bullish, backed by positive market sentiment.
The post Cardano (ADA) Price Prediction Dec. 10: ADA Seizes Critical Support—Could a Breakout to $1.76 Be Next? appeared first on Coinfomania.
