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Cardano (ADA) Price Analysis for December 28

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Tue, 28/03/2023 - 16:00
Cardano (ADA) Price Analysis for December 28
Cover image via www.tradingview.com

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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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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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