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Home » Crypto News » Cardano Price Analysis: Is ADA Preparing for Another Run at $1.3?

Cardano Price Analysis: Is ADA Preparing for Another Run at $1.3?

Author: CryptoVizArt

Last Updated Dec 31, 2024 @ 14:57
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Cardano’s price is still declining after failing to break above significant resistance levels on both USDT and BTC paired charts.

Yet, there is still a likelihood for further upside in the coming weeks.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

On the daily chart of the ADA/USDT pair, the asset has gradually dropped since getting rejected from the key $1.3 resistance level. It is clear that a bearish trendline has been pushing the price lower on multiple occasions, but the $0.75 support level is still holding.

Therefore, if the market is able to break the bearish trendline to the upside, another turn toward the $1.3 level and even higher could be expected.

The BTC Paired Chart

Looking at the ADA/BTC pair on the daily timeframe, things are quite similar to the USDT pair, with one significant distinction. The market has seemingly already lost the 1000 SAT level, as it is consolidating below it.

With the price also creating a small head and shoulders pattern earlier, it is likely for the market to drop toward the 200-day moving average, located around the 700 SAT mark, in the short term. This scenario would be invalidated if the price could climb back above the 1000 SAT area.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Cardano (ADA) Price
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Crypto VizArt
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Full-time on-chain Data Analyst and Python Programmer. Passionate about Bitcoin and DataVisualization. Contact: Twitter

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