Advertise
Anjali Belgaumkar
Anjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Dec 10, 2024 04:18 UTC
-
Cardano Price Prediction Today: What’s Next After 17% Dip?
Cardano (ADA) dips below $1, facing resistance at $1.24. Watch support at $0.82 for signs of further pullback or a potential breakout.
Bearish divergence signals possible short-term pullback for ADA, but the overall market remains bullish with a positive long-term outlook for Cardano.
Cardano (ADA) has dipped below the $1 level and is down by more than 17 percent in the last 24 hours. The altcoin is currently facing significant resistance in the range of $1.12 to $1.24 on the weekly chart. The majority of the top 10 cryptocurrencies have slipped into the danger zones, with altcoins like ADA, XRP, and DOGE recording maximum losses.
Support Levels to Watch
As anticipated, the price has been struggling in the current area, showing signs of difficulty in breaking above this range. If ADA manages to break out and close a weekly candle above $1.23 or $1.24, the next immediate resistance level will be around $1.46, based on previous highs. Further resistance lies near the 78.6% Fibonacci level at $1.76 to $1.77.
If the price of ADA pulls back, there are several key support levels to watch near $0.90 and $0.82. A move below $0.82 could suggest a shift in the market, so traders should keep an eye on these levels for potential signs of a deeper pullback.
Wondering where Cardano’s price is headed? Read our long-term Cardano price prediction to discover expert insights and stay ahead of the curve!
Bearish Divergence on the Short-Term Charts
ADA is showing signs of a bearish divergence. The price has formed higher highs, while the Relative Strength Index (RSI) has confirmed lower highs. This suggests that bullish momentum has faded, and there’s a likely chance of sideways price action or even a slight pullback in the coming days or weeks.
- Also Read :
- Bitcoin Price Prediction Today: BTC Price To Hit $94k?
- ,
Long-Term Outlook: Bullish Market Continues
While ADA is facing short-term resistance and bearish divergence, the larger market remains in a bullish phase. ADA’s price is still maintaining a positive long-term outlook, but it’s navigating through this critical resistance zone for now. However, the overall market sentiment remains bullish. For traders, it’s essential to monitor key price action to determine whether a breakout or pullback is on the horizon.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
The price of ADA could surge to a maximum of $1 by the end of 2024.
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.42 by the end of 2025.
At the time of writing, the price of 1 Cardano ADA token was $1.02
Yes 
No 
