ADA Price Analysis – December 23
As it stands now, the ADA market is volatile, with prices that fluctuate from $0.036 to $0.032 within the descending channel.
ADA/USD Market
Key Levels:
Resistance levels: $0.037, $0.039, $0.041
Support levels: $0.030, $0.028, $0.026
Cardano could reach $0.036 in the coming year, according to current speculations. The difficult phase seems to be over for this crypto, as it is making an attempt to create a new trend. However, ADA price is currently trading at $0.034 as at writing this, although the coin touched 0.035 when the market opens early today but may likely retest the support level of $0.033 before moving upward again.
Breaking the aforementioned support level may likely take ADA/USD to the support level of $0.030, $0.028 and $0.026. More so, should the price fails to go below the $0.033, then the bulls could push it above the 9-day and 21-day MA and move it towards the resistance level of $0.037, $0.039 and $0.040 respectively as the RSI (14) is moving above level 40.
ADA/BTC Market
Against BTC, the market is seen to be moving within the ascending channel where the price is expected to break down below the channel as revealed in the daily chart. Should the price breaks below the lower side of the channel, then, the market may experience a downward trend and it could move towards the nearest support level of 440 SAT.
However, the bearish sentiment may likely push the market to reach 4300 SAT and 420 SAT support levels. In other words, if the market decides to follow the upward trend, the price is expected to move above the moving averages and could reach the resistance of 480 SAT and 500 SAT levels. Meanwhile, the RSI (14) has crossed into the oversold region which may likely give more bearish signals.
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