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Cardano (ADA) Price Analysis for December 28

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Cardano (ADA) Price Analysis for December 28
Price Analysis

Thu, 28/12/2023 – 18:00

Cardano (ADA) Price Analysis for December 28
Cover image via www.tradingview.com

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Bears are not going to give up so easily, according to CoinStats.

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ADA chart by CoinStats

ADA/USD

The price of Cardano (ADA) has gone up by 0.86% over the past 24 hours.

Image by TradingView

On the hourly chart, the rate of ADA might have set a local support of $0.6120. If the drop continues, there is a chance to see a test of the $0.60 area tomorrow.

Image by TradingView

On the bigger time frame, one should pay attention to the bar’s closure. If it happens with no long wick, one can expect a further decline to $0.55. Such a scenario is relevant until the end of the week.

Image by TradingView

A similar situation can be seen on the weekly chart. However, the rate is still far from the main levels. 

If buyers lose the $0.55 zone, bears can get back in the game, which might lead to a test of the $0.5106 level.

ADA is trading at $0.6155 at press time.

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