Possible Deep Correction Could Push Cardano Price To $0.43, Here’s How

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	49,475,625,204	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

49,475,625,204

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00166	0.49%	0.33972	0.33966	0.33968

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00166

0.49%

0.33972

0.33966

0.33968

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.340	0.33565	0.33779	0.3381	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.340

0.33565

0.33779

0.3381

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:56:24	228.00	0.33968	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:56:24

228.00

0.33968

USD

Price x Volume	Volume	Base Symbol	Related Pairs
6,394,424.73	18,908,611.48	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

6,394,424.73

18,908,611.48

Possible Deep Correction Could Push Cardano Price To $0.43, Here’s How

25/12/2024 8:30pm

NEWSBTC

The Cardano price action has continued to stall below the $1 mark in light of corrections in the past seven days. This correction, which played out across the entire crypto industry, saw Cardano break below the $1 mark again on December 18%. Although the broader trend suggests a possible move on the weekly timeframe towards a new all-time high (ATH), recent technical analysis on TradingView has opened up the possibility for a continued correction towards $0.43 before another strong upward move. Current Price Movements Highlight Resistance And Cooling Period According to technical analysis of the Cardano (ADA) price action on the weekly candlestick timeframe, the cryptocurrency has encountered notable resistance around the $1.2046 mark. This resistance has emerged after Cardano’s remarkable 205% surge from $0.4322 in late October to $1.32 in late November. Related Reading: XRP Price Prediction: Wave 2 And 5 Targets Put XRP At $7 And $13 Interestingly, this remarkable price surge saw Cardano form significant lows that serve as support levels for the price. Furthermore, the rally ended up with Cardano entering the overbought zone on the Relative Strength Index (RSI) indicator. The rally culminated in the Cardano price peaking at 82.87 on the RSI, but it has since retraced into a cooling/corrective period where buying pressure is consolidating at the time of writing. Cardano’s consolidation has opened up outlooks as to its next direction, with substantial buying volumes observed in recent trading sessions. Deep Correction Could Test Critical Support At $0.43 While the long-term outlook remains bullish, the analysis highlights the scenario of a deep correction that could send the Cardano price falling further in the short term. With this in mind, the analyst points to support levels that ADA may revisit in the event of a deeper correction. The first key level at $0.7683 has already proven its significance, acting as a reactionary zone in recent price movements. Related Reading: Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000 Below this, $0.4322 stands as the ultimate support for the current bullish leg. What this means is that ADA has to hold above the $0.43 support level in order for a bullish trajectory to remain valid. Failure to hold above $0.43 is likely to cascade into more price declines at this point and a change into bearish outlook. The analyst also identifies $0.3166 and $0.2427 as primary supports. These levels are Cardano’s lowest support during the previous bear market and are considered less likely to be breached in case of a longer-term decline. Despite the potential for a deep correction, Cardano’s recent market behavior and buying trends suggest a promising long-term outlook. At the time of writing, ADA is trading at $0.912 and has increased by 2% in the past 24 hours. Once the current resistance at $1.2046 is cleared, ADA is well-positioned to challenge its $3.09 all-time high and possibly establish new highs in the current cycle. Featured image created with Dall.E, chart from Tradingview.com

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