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Cardano (ADA) Price Analysis for December 12

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Cardano (ADA) Price Analysis for December 12
Price Analysis

Tue, 12/12/2023 – 14:20

Cardano (ADA) Price Analysis for December 12
Cover image via www.tradingview.com

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The market is neither bullish nor bearish today, as some coins keep trading in the red zone, while others are trying to rise.

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ADA/USD

Cardano (ADA) is one of the biggest gainers today, rocketing by almost 8%.

Image by TradingView

Despite today’s sharp growth, the rate of ADA continues looking bullish as the price has broken the local resistance level of $0.6017. 

If the daily candle closes above that mark, the ongoing rise may continue to the $0.62 area.

Image by TradingView

On the bigger time frame, the fall has not continued after yesterday’s bearish bar. However, buyers need to fix above $0.6474 for a further upward move. Only in that case, there is a possibility to see a a test of the $0.70 zone.

Image by TradingView

The rate of ADA is also bullish on the daily chart against BTC. If the bar breaks the $0.00001467 level, the rise is likely to lead to the test of the $0.000015-0.000016 area soon.

ADA is trading at $0.6060 at press time.

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