Cardano Price Analysis & Prediction (Dec 6th) – ADA Eyeing $0.37 After Witnessing 6% Recovery in a Week

2022-12-7 03:12

Cardano’s price recovers steadily toward the October low due to Bitcoin’s consolidation around the $17000 level over the past few days. The recovery will likely reach the November drop level if the price keeps rising.

This month appeared to be a recovery momentum for Cardano after the price plunged to $0.3 in the past month. It gained 6.6% over the past week as the price retraces near the October low of $0.33.

Compared to the last recovery to $0.44, which appeared volatile before the price fell last month, the current one seems insignificant due to low buying volume in the market. Although it may later become noticeable in the coming days if the bulls show strong interest.

Looking at the price actions on the 4-hour chart, the latest increase is targeted at the November break level of $0.378. The build-up still looks sluggish and unclear on the intra-day trading, but the picture is becoming clear on the lower time frame.

However, it may be the trend remains bearish from a long-term perspective. The drawdown will likely continue as soon as the bears step back into the market. For now, they appeared to be taking a break for a healthy correction.

Cardano Price Analysis (ADAUSDT) – Daily Chart Source: Tradingview

The price action is choppy at the moment. If the bulls can reclaim the important $0.33 level, Cardano could climb toward the 6-month resistance line area at $0.378 in the next few days.

From this area, we should expect a fresh drop. If the price fails to drop and a break occurs, the next buying target would be $0.43, which lies inside the grey supply area.

In the opposite direction, the support level to watch is $0.285 if the recovery fails to happen. The lower levels to also keep in mind are $0.231 and $0.187 in case of a massive sell-off. Cardano’s bottom is nearby.

Key Resistance Levels: $0.33, $0.378, $0.43

Key Support Levels: $0.285, $0.231, $0.187

Spot Price: $0.326 Trend: Bearish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: bizoon/123RF // Image Effects by Colorcinch

The post Cardano Price Analysis & Prediction (Dec 6th) – ADA Eyeing $0.37 After Witnessing 6% Recovery in a Week appeared first on NullTX.

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