December 31 ADA Price Outlook
ADA, as the primary currency on the Cardano blockchain, may continue to decline in the coming days. This is largely influenced by market instability, a downward price trend, and the overall pessimism in the cryptocurrency space.
By the last day of 2024, major cryptocurrencies like Bitcoin, Ethereum, and Solana are still struggling to find upward momentum.
ADA's Technical Analysis and Possible Upcoming Price Levels
Experts looked at the charts and said that the short-term outlook for ADA is not optimistic. It has formed a downward triangle pattern on the daily chart, which is about to break down. This pattern emerged after a previous larger downward pattern was broken.
According to past price fluctuations, if ADA breaks below the bottom of this triangle and closes below $0.825, it may drop another 10% to the important support level of $0.75. However, if ADA can maintain a closing price above $0.825, the likelihood of this decline will no longer exist.
$38 Million ADA Withdrawn
Although the outlook seems bleak, the good news is that, according to a report from Coinglass, an on-chain data analysis company, long-term holders of ADA remain optimistic. The data shows that $37.92 million worth of ADA has been moved from exchanges to wallets.
This outflow indicates that many people are withdrawing ADA from exchanges, possibly thinking that now is a good buying opportunity or that ADA is about to rise.
Additionally, traders are currently hesitant to open new positions as ADA's price approaches critical levels. This hesitation has led to many long positions being liquidated, as indicated by the data showing that ADA's open interest has decreased by 3.9% in the past 24 hours.
Current Price Situation
At the time of writing this article, ADA's price is approximately $0.8456, down 3.15% over the past 24 hours. However, trading volume has increased by 15%, indicating that traders and investors are more active now compared to the previous day.
In the upcoming layout direction, I will guide everyone to target the lucrative opportunities in altcoins, especially those with high potential projects, with an expected upside of more than 10 times being feasible. If you want to make big money in the bull market, like and comment, and I will take you through the entire bull market!
