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Cardano (ADA) Price Analysis for December 1

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Thu, 1/12/2022 - 15:06
Cardano (ADA) Price Analysis for December 1
Cover image via www.tradingview.com

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Bulls are losing power as some coins have come back to the red zone.

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ADA/USD

Cardano (ADA) keeps trading in the green zone, going up by 0.57% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, Cardano (ADA) has bounced back to the resistance level at $0.3189. At the moment, the rate is coming back to the local support level at $0.3142.

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If the bears' pressure continues, one can expect the fall to the $0.3120 zone.

ADA/USD chart by TradingView

On the bigger time frame, the price of Cardano (ADA) could not fix above the $0.32 area, which means that the altcoin is not ready yet for a sharp move. A further rise is possible only if the candle closes near the resistance at $0.3213.

ADA/BTC chart by Trading View

Analyzing the chart against Bitcoin (BTC), Cardano (ADA) remains bearish as the price keeps falling after the breakout of the 0.000019 mark. At the moment, traders should pay attention to the nearest support zone of 0.000018. If the false breakout of it happens, there is a chance to see a short-term rise.

ADA is trading at $0.3164 at press time.

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