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Cardano (ADA) Price Analysis for December 31

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Sat, 31/12/2022 - 19:00
Cardano (ADA) Price Analysis for December 31
Cover image via www.tradingview.com

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The majority of the coins from the top 10 list have a chance to close in the red zone on the last day of 2022.

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Top 10 coins by CoinMarketCap

ADA/USD

Cardano (ADA) has gained the most value today, rising by 2.11% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, the price of Cardano (ADA) has broken the resistance at $0.2459 against the increased buying volume, which means that bulls want to seize the initiative.

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Currently, one should pay attention to the $0.25 mark. If the bar closes near it, the growth could continue to the $0.2530 zone.

ADA/USD chart by TradingView

On the bigger chart, Cardano (ADA) is trying to break the resistance at $0.2478, which serves as the mirror level. If the candle closes above that mark with no long wicks, the bullish move could continue to the $0.2520-$0.2540 zone soon.

ADA/USD chart by TradingView

On the weekly chart, traders should focus on the previous candle low at $0.2465. If the bar closes above it, one could see an ongoing correction to the nearest resistance zone at $0.2550. Such a scenario is relevant until mid-January.

ADA is trading at $0.2485 at press time.

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