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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 06, 2024 10:23 UTC
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Cardano (ADA) Price Prediction (Dec 6th)
Cardano is retesting the broken resistance trendline after failing to surpass $1.35, indicating a potential bearish pullback.
The MACD and signal lines have crossed bearish signals, indicating declining momentum and increased selling pressure.
A bearish breakdown could test $1.06, while a reversal could challenge the $1.35 resistance and target $1.5450.
As Cardano sustains above the $1 psychological mark, the pullback might soon retest the bullish dominance. Will this pullback result in a drop below the $1 mark in Cardano today? Let’s find out in our latest Cardano ADA price prediction.
Cardano Price Analysis
In the 4-hour chart, the Cardano price action showcases an ascending triangle breakout rally. However, the breakout rally fails to surpass the critical resistance at $1.35.
Creating a peak at $1.32, the overhead supply keeps the bullish growth under check. This results in a pullback, retesting the broken resistance trendline.
Falling under the R1 pivot level at $1.2526, the Cardano price is currently moving above the broken trendline. The current market price of Cardano is $1.16, with a 1.67% drop in the past 4 hours. This creates a bearish candle, completing an evening star. This increases the chances of a breakdown rally to test the center pivot level at $1.06.
Technical Indicators:
MACD: Amid the increased selling pressure, the MACD and signal lines have given a bearish crossover and maintain a declining trend.
Will Cardano Hit $1.247?
Based on the current market sentiment, as Bitcoin falls under the $100,000 barrier after a new all-time high at $103,000, the lack of momentum in the top altcoins warns of an intense pullback. In case of a bearish outcome, the crucial supports are present at $0.96 and $0.80.
On the other hand, a post-retest reversal from the broken resistance line could challenge the $1.35 supply zone, with a price target of $1.5450.
Will Cardano reach $10? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.
FAQs
Can Cardano fall below $1?
If bearish pressure persists, ADA could drop to critical support levels at $0.96 and $0.80, testing the $1 psychological mark.
What is ADA’s current support and resistance?
Support levels are at $1.06 and $0.96, while resistance lies at $1.35 and a potential upside target at $1.5450.
What is the ADA current price?
The ADA token is trading at $1.16, marking a 1.67% drop in the past 4 hours.
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