Cardano (ADA) Price Analysis – December 6

Azeez Mustapha
  • The support level of the price of ADA holds at the $0.031 price level.
  • If the bears break the $0.031 price level, ADA will find the next support level at $0.025.

Cardano, ADAUSD, CryptoCompare chartCardano Chart By Trading View

ADAUSD Medium-term Trend: Bearish

  • Resistance levels: $0.080, $0.090, $0.100
  • Support levels: $0.030, $0.020, $0.010  

The ADAUSD pair was in a sideways trend as the price reached the oversold region of the market. Presently, the price of ADA fluctuates between the levels of $0.031 and $0.045. On November 26, the crypto fell the low of $0.031 which was the lower price range. The price of ADA had been ranging above the lower price level. The bears have not been able to break that level.

The bulls have not been able to break the $0.045 price level and the 12-day EMA.  That is the reason why the crypto's price is ranging. However, if the bears break the $0.031price level, ADA will find the next support level at  $0.025. On the other hand, if the crypto's price breaks the 12-day EMA and the 26-day EMA while in a bullish trend, the price will reach the high of $0.050.                                                                                                                             

ADAUSD Short-term Trend:  Ranging

Cardano, ADAUSD, CryptoCompare chartCardano Chart By Trading View                                               

On the 4-hour chart, the ADA price is in a sideways trend. The bears had not been able to break the lower level of price range as the bulls took control.The bulls are testing the 12-day EMA in an attempt to break it. If the bulls break the 12-day EMA and  the 26-day EMA, the crypto will be in the bullish trend zone.

The Stochastic indicator is in the range above 20% which indicates that ADA has a bullish momentum and a buy signal. The price of ADA will probably reach the high of $0.050. Meanwhile, the crypto will face resistance at the $0.044 price level.

                                                                                         

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