At the time of writing, Cardano is exactly on the market $ 1.00, What is long-term support paying almost the whole year. Will the price finally manage to keep this zone, or will we go down? If the price continues to correct, it will look for new support and volatility is likely to increase.
ADA without a sign of a reversal of the trend, is struggling on the main support and all indications are that the decline will continue. Bear scenario for the whole market, it may continue for other months. And if that really comes true, Cardano can still go a long way down. It is not possible to determine with certainty exactly where, but we will look for a structure similar to that at the turn of the year.
Source: TradingViewCardano on the main support
The fact that Cardano is on the support does not mean that the price must keep this support. Between $ 1.00 and $ 0.40 has not been traded so often in the past and there is a significant gap. Therefore, the price can find support anywhere support in this area. Just monitor the market and the situation when bulls begin to take the initiative.
Above all, we will monitor the cessation of volatility and rising lows. Confirmation of the reversal will occur only when the price subsequently breaks the maximum between the mentioned lows. Such a breakthrough must also be encouraged bull volumes. As we can see, we are miles away from this situation far.
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
