Cardano Explodes 11% Weekly, but is $0.46 Imminent? Three Things to Watch This Week (Cardano Price Analysis)


Cardano is back in the spotlight after its latest breakout.

Key Support levels: $0.41

Key Resistance levels: $0.46

1. Momentum Shifts Bullish

ADA is on the offensive and ready for new highs after it broke from the 41 cents resistance that has now turned into support. The next target is at 46 cents.

ADAUSDT_2023-12-06_17-05-49
Chart by TradingView

2. Volume Returns

Buyers showed strength in the past three days when they dominated the chart. This is a welcomed change after volume has been declining for most of November. Hopefully, this promising start in December will last.

ADAUSDT_2023-12-06_17-05-57
Chart by TradingView

3. Daily MACD Turns Bullish

Yesterday’s price action turned the momentum indicators bullish and the daily MACD did a bullish cross. This signals a reversal and ADA could see higher levels as long as this momentum continues.

ADAUSDT_2023-12-06_17-06-42
Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

With bears defeated, Cardano has a clear path higher. Watch the resistance at 46 cents as that is a key level that will decide where this cryptocurrency goes next.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Leave a Comment