Cardano (ADA) Price Prediction (Dec 6th)
With Cardano holding above the psychological $1 mark, a pullback may soon retest bullish dominance. Will this pullback cause Cardano to fall below the $1 mark today? Let’s take a look at the latest Cardano ADA price prediction.
Cardano Price Analysis
On the 4-hour chart, Cardano price action shows an ascending triangle breakout rebound. However, the breakout rally failed to break the key resistance at $1.35.
Indirect supply created a peak of $1.32, dampening bullish growth. This resulted in a pullback that retested the broken resistance trendline.
Cardano price fell below the R1 pivot level at $1.2526 and is currently breaking above the trend line. Cardano’s current market price is $1.16, down 1.67% in the past 4 hours. This forms a bearish candle, completing the Evening Star. This increases the chances of a breakout rally to test the $1.06 central pivot level.
Technical indicators:
Smoothed Moving Average Convergence and Divergence: The MACD and signal lines formed a bearish crossover and maintained the downtrend amid increasing selling pressure.
Will Cardano hit $1.247?
In line with current market sentiment, top altcoins lack momentum as Bitcoin falls below the $100,000 mark after hitting a new all-time high of $103,000, signaling a sharp correction. In case of a bearish outcome, the key support levels are $0.96 and $0.80.
On the other hand, a retest of the reversal from above the resistance line could challenge the $1.35 supply zone, with a price target of $1.5450.
Will Cardano reach $10? Find it now on Coinpedia Cardano Price Predictionand subscribe to us to get the latest cryptocurrency updates.
FAQ
Will Cardano drop below $1?
If the bearish pressure persists, ADA could drop to the key support levels of $0.96 and $0.80, testing the psychological $1 barrier.
What are the current support and resistance levels for ADA?
Support is found at $1.06 and $0.96, resistance is at $1.35, and a potential upside target is $1.5450.
What is the current price of ADA?
The ADA token is trading at $1.16, down 1.67% in the past 4 hours.
