Cardano Price Analysis – December 15
The sideways move above $0.040 had been ongoing since September. The market is expected to be breached if the selling pressure resumes.
ADA/USD Market
Key Levels:
Resistance Levels: $20, $22, $24
Support Levels: $16, $14, $12
On June 30, Cardano had a bearish crossover and the coin fell to the low of $0.050 in July. An upward correction was made to retest the resistance at $0.060. The selling pressure continued as the market fell to a low of $0.040 in September. The market had been consolidating above the support at $0,040.The downtrend has been terminated as Cardano resumes a sideways trend.
The bears have the upper hand as the coin pushed the price to a low of $0.036. ADA had been in a range-bound move since September. The price is trading at the bottom of the chart as the coin is on the edge of a breakdown. The coin is trading above the 20% range of the daily stochastic. This implies that the coin is in a bullish momentum.
ADA/BTC Market
On the ADA/BTC chart, it was in a bear market as the coin fell to a low at Ƀ0.00000400. Today, the coin is fluctuating between the levels of Ƀ0.00000400 and Ƀ0.00000550. The price has tested the resistance line on three occasions but failed to breakthrough.
The support line was tested on three occasions but the market bounces upward. Meanwhile, the Relative Strength index period 14 level 51 is above the centerline 50. This implies that the market will rise and reach the previous highs.
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