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Cardano (ADA) Price Analysis for December 14

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Thu, 14/12/2023 - 15:55
Cardano (ADA) Price Analysis for December 14
Cover image via www.tradingview.com

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Most of the coins are trying to get back to the bull run, according to CoinMarketCap.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has risen by 3.31% over the last day.

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Image by TradingView

On the hourly chart, the price of ADA might have set a local support level of $0.61. There are low chances of seeing any sharp moves by the end of the day, as most of the daily ATR has been passed.

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In this case, sideways trading in the area of $0.62-$0.64 is the more likely scenario.

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Image by TradingView

On the bigger time frame, the rate has made a false breakout of yesterday's bar peak. If the candle closes far from that mark, one can expect a correction to the $0.55 zone soon.

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Image by TradingView

Form the midterm point of view, one should focus on the bar's closure in terms of the resistance of $0.6474. If bulls cannot fix above that mark, bears may locally seize the initiative, which might lead to a correction to the $0.55-$0.60 area.

ADA is trading at $0.6307 at press time.

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