A calendar switch from November to December has been strongly bullish for the crypto market, led by the aggressive recovery in Bitcoin. The BTC Price has reached a 20-month high of $44K, bolstering a positive sentiment among traders. Thus, most major cryptocurrencies, including ADA price, have showcased sustainable growth since the onset of December.
Starting the month at $0.376, the ADA price surged 17.02% to trade at the $0.440 mark currently. This recovery poised for a key resistance breakout hints Cardano price predictions are Bullish for December 2023.
Source – Tradingview
The 8-largest Cryptocurrency, Cardano, entered a strong recovery mode in October when the price rebounded from $0.25. The resulting bullish reversal in ADA price completes a continuation pattern called the rounding bottom.
While this recovery seems to be influenced by broader market recovery, the technical perspective creates conditions to support the trend continuation pattern. The chart pattern is commonly observed at the bottom of significant bear cycles and offers an early signal of a trend reversal.
With an overnight gain of 3.99%, the coin price challenges the $0.45 neckline of the aforementioned bullish reversal pattern. As the current momentum shows no weakness, the ADA price could give an upside breakout from the overhead resistance. This breakout would intensify the buying pressure and provide buyers with suitable support to extend recovery.
Technical indicators:
MACD indicator: A Bullish crossover Between the MACD(blue) and signal line(orange) above the neutral slope reflects a recovery trend is active.
EMA: The 50-day EMA slope sustains a positive track of growth and may soon provide dynamic support to buyers.
The ADA price breakout from the $0.45 neckline of the rounding bottom could drive the recovery above the psychological mark of $0.50. Further, the ongoing market recovery and the Santa rally in motion teases a longer uptrend. In case the buyers manage to sustain the momentum beyond $0.50, Cardano can start the year 2024 above $0.65.
On a contrary note, a reversal from the neckline would trigger a minor correction to $0.40.
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