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Cardano (ADA) Price Analysis for December 24

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Cardano (ADA) Price Analysis for December 24
Price Analysis

Sun, 24/12/2023 – 16:01

Cardano (ADA) Price Analysis for December 24
Cover image via www.tradingview.com

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Bulls keep holding the initiative on the last day of the week.

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ADA/USD

The rate of Cardano (ADA) has increased by 2.24% since yesterday. Over the last week, the price has risen by 3.52%.

Image by TradingView

On the hourly chart, the price of ADA is looking bullish as it is on the way to testing the local resistance of $0.6239.

If the daily bar closes around that mark, there is a chance of a breakout to the $0.64 zone soon.

Image by TradingView

On the daily time frame, the rate of ADA is trading sideways as neither side has accumulated enough strength for a further move. This statement is also confirmed by the low volume. All in all, consolidation in the area of $0.60-$0.65 is the more likely scenario for the next few days.

Image by TradingView

From the midterm point of view, the price of ADA is returning to the resistance level of $0.6474. If buyers can hold the gained initiative, traders are likely to see a test of the $0.70-$0.75 area soon.

ADA is trading at $0.6202 at press time.

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