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Cardano (ADA) Price Analysis for December 28

Tue, 03/28/2023 - 16:00
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Denys Serhiichuk
How long is fall of Cardano (ADA) going to last?
Cardano (ADA) Price Analysis for December 28
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Most of the coins could not withstand the bears' pressure, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

ADA/USD

The price of Cardano (ADA) has followed the drop of Bitcoin (BTC), going down by 1.32%.

ADA/USD chart by TradingView

On the local chart, the price of Cardano (ADA) is coming back to the support at $0.3443.

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DOGE and SHIB Price Analysis for December 27

If a breakout occurs, the fall may continue to the $0.34 zone, as enough energy has been accumulated for that.

ADA/USD chart by TradingView

The situation has not changed on the daily time frame, as the price is far from the support and resistance levels. Further growth is possible only if bulls return the rate to the $0.38 mark and fix above it.

ADA/BTCchart by TradingView

The price keeps trading sideways on the daily chart against Bitcoin (BTC), accumulating power for a further sharp move. As neither buyers nor sellers have seized the initiative yet, continued consolidation in the range of 0.00001250-0.00001350 is the more likely scenario for the next few days.

ADA is trading at $0.3454 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.