Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Cardano Could Test $0.43 Level Amid Market Correction Warnings

Cardano Could Test $0.43 Level Amid Market Correction Warnings

Yellow2024/12/26 09:11
By: Yellow
TEST0.00%ADA+2.79%

In the recent market landscape, Cardano ( ADA ) has faced persistent challenges in stabilizing above the $1 mark, following a broad correction that impacted the crypto sector over the past week. This downward adjustment saw Cardano slip below the psychological threshold of $1 on December 18.

Despite a long-term trend suggesting potential highs, current technical analysis indicates a likely continued dip toward $0.43 before a robust upward trajectory resumes.

Cardano has encountered formidable resistance around the $1.2046 level. This follows a substantial 205% ascent, from $0.4322 in late October to a peak of $1.32 by late November.

During this period, Cardano developed significant support levels at its lows and entered the overbought territory on the Relative Strength Index (RSI), peaking at 82.87. Currently, the market is witnessing a corrective phase with buying pressure stabilizing. Observations point to significant volumes, suggesting potential future directions for ADA.

While optimism prevails in the long-term outlook for Cardano, analysts caution about a deep correction phase. ADA could retrace further, testing key support levels if the downtrend continues. Notable support has emerged at $0.7683, a recent reactionary zone.

Beneath this, $0.4322 is identified as critical; maintaining above it is crucial for a bullish trajectory. A breach could precipitate further declines and shift sentiment to bearish. Additional supports at $0.3166 and $0.2427, which stood firm during past bearish cycles, are deemed less likely to be challenged.

Despite the looming correction, Cardano's recent price trends suggest a positive future.

ADA, currently trading at $0.912, has seen a 2% uplift over the last day. Surpassing the $1.2046 resistance could set the stage for Cardano to pursue its $3.09 all-time high, potentially establishing new benchmarks in this cycle.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitget Incentive Program: Win up to 1,100 USDT Per Week
Bitget Announcement2025/10/25 16:00
CandyBomb x MET: Trade futures to share 20,000 MET!
Bitget Announcement2025/10/24 09:00
CandyBomb x MET: Trade futures to share 20,000 MET!
Bitget Announcement2025/10/24 09:00
CandyBomb x APR: Trade futures to share 88,888 APR!
Bitget Announcement2025/10/24 09:00

Trending news

More
1
Bitget Incentive Program: Win up to 1,100 USDT Per Week
2
CandyBomb x MET: Trade futures to share 20,000 MET!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$113,406.05
+1.74%
Ethereum
Ethereum
ETH
$4,070.02
+3.11%
Tether USDt
Tether USDt
USDT
$1
-0.01%
XRP
XRP
XRP
$2.62
+0.67%
BNB
BNB
BNB
$1,127.48
+1.18%
Solana
Solana
SOL
$197.45
+1.46%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.2012
+2.13%
TRON
TRON
TRX
$0.2995
+0.54%
Cardano
Cardano
ADA
$0.6716
+2.31%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter