The post Cardano (ADA) Price Prediction (Dec 6th) appeared first on Coinpedia Fintech News
As Cardano sustains above the $1 psychological mark, the pullback might soon retest the bullish dominance. Will this pullback result in a drop below the $1 mark in Cardano today? Let’s find out in our latest Cardano ADA price prediction.
Cardano Price Analysis
In the 4-hour chart, the Cardano price action showcases an ascending triangle breakout rally. However, the breakout rally fails to surpass the critical resistance at $1.35.
Creating a peak at $1.32, the overhead supply keeps the bullish growth under check. This results in a pullback, retesting the broken resistance trendline.
Falling under the R1 pivot level at $1.2526, the Cardano price is currently moving above the broken trendline. The current market price of Cardano is $1.16, with a 1.67% drop in the past 4 hours. This creates a bearish candle, completing an evening star. This increases the chances of a breakdown rally to test the center pivot level at $1.06.
Technical Indicators:
MACD: Amid the increased selling pressure, the MACD and signal lines have given a bearish crossover and maintain a declining trend.
Will Cardano Hit $1.247?
Based on the current market sentiment, as Bitcoin falls under the $100,000 barrier after a new all-time high at $103,000, the lack of momentum in the top altcoins warns of an intense pullback. In case of a bearish outcome, the crucial supports are present at $0.96 and $0.80.
On the other hand, a post-retest reversal from the broken resistance line could challenge the $1.35 supply zone, with a price target of $1.5450.
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FAQs
Can Cardano fall below $1?
If bearish pressure persists, ADA could drop to critical support levels at $0.96 and $0.80, testing the $1 psychological mark.
What is ADA’s current support and resistance?
Support levels are at $1.06 and $0.96, while resistance lies at $1.35 and a potential upside target at $1.5450.
What is the ADA current price?
The ADA token is trading at $1.16, marking a 1.67% drop in the past 4 hours.