Cardano (ADA) Reviews for December 2024

Cardano rose above the 20-day EMA ($0.29) on July 11, indicating that the bulls are buying at lower levels. The flat 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand. This advantage will tilt in favor of the buyers if they shove the price above the 50-day SMA ($0.31). The ADA/USDT pair could then start a rally to $0.38. Alternatively, if the price turns down from the overhead resistance, it will suggest that the bears have not given up yet. The pair could then oscillate between the 50-day SMA and the uptrend line for some time. A slide below the uptrend line will give the edge to the bears in the near term.

The bulls are struggling to start a relief rally in Cardano even though the RSI is at deeply oversold levels. The bears are trying to sink the price to the vital support at $0.24. This is important support to keep an eye on because if it cracks, the ADA/USDT pair may skid to $0.22 and then extend the decline to $0.20. Buyers are likely to have other plans. They will try to guard the zone between $0.24 and $0.22 with vigor. If the price turns up from this zone, it will suggest that the pair may consolidate between $0.24 and $0.30 for a while. The first sign of strength will be a break and close above the 20-day EMA ($0.30).

The long wick on Cardano’s June 4 candlestick shows that the bears successfully halted the relief rally at the 50-day SMA ($0.38). The ADA/USDT pair turned down sharply on June 5 and plummeted below the uptrend line of the ascending channel pattern. This move invalidated the bullish setup, and the pair may next descend toward the critical support at $0.30. If bulls want to prevent the downward move, they will have to quickly push the price back into the channel. Such a move will suggest that the pair has rejected the lower levels. The upside momentum could pick up on a break above $0.39.

Cardano dipped below the 50-day simple moving average (SMA) of $0.38 on May 3 and 5, but the long tail on the candlestick shows that the bulls are aggressively defending the support near $0.37. Buyers tried to push the price above the 20-day EMA ($0.39) on May 4, but the bears did not budge. The downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. If the price turns down and crumbles below $0.37, the selling could intensify and the ADA/USDT pair may descend to $0.33 and then $0.30. If bulls want to prevent this decline, they will have to quickly propel the price above the neckline of the inverse head-and-shoulders pattern. That could increase the chances of a rally to $0.46 and later $0.52.

After hesitating for two days, the bulls have pushed Cardano above the minor resistance at $0.39. The price has reached the vital resistance at the neckline of the inverse head and shoulders (H&S) pattern. The rising 20-day EMA ($0.36) and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers thrust the price above the neckline, it will complete the reversal setup. The ADA/USDT pair could then surge toward the pattern target of $0.60. On the other hand, if the price turns down from the neckline, the bears will try to sink the pair to the moving averages. This is a critical level to watch because a slide below it could open the gates for a possible fall to $0.30.

Cardano’s ADA is getting squeezed between the neckline and the 20-day EMA ($0.38). This tight range trading suggests that bulls are buying the dips to the 20-day EMA as they anticipate a move higher. The upsloping moving averages and the RSI in the positive territory indicate that bulls have the upper hand. A break and close above $0.42 will complete a bullish inverse H&S pattern. This setup could attract further buying and push the price toward $0.50. The target objective of this reversal pattern is $0.60. Alternatively, if the price turns down and breaks below the 20-day EMA, it will give an opportunity to the bears to make a comeback. The pair could then slide to the strong support at $0.34.

Cardano is consolidating in a downtrend. The bullish divergence on the RSI suggests that the selling pressure could be reduced and a recovery may be on the cards. If the price climbs above the 20-day EMA of $0.32, the ADA/USDT pair could pick up momentum and attempt a rally to the downtrend line. The bears are likely to mount a strong defense at this level. Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The pair could then again drop toward $0.29.

Cardano remains in a downtrend, but the bullish divergence on the RSI suggests that the bearish momentum may be weakening. The bulls will have to thrust and sustain the price above the 20-day EMA of $0.32 to signal strength. If they do that, the ADA/USDT pair may start a recovery to the downtrend line. The 50-day SMA of $0.36 may act as a resistance but is likely to be crossed. Conversely, if the price turns down from the 20-day EMA, it will indicate that the bears are selling on minor rallies. The bears will then try to resume the downtrend and sink the price to the support line.

Cardano remains in a strong downtrend. The bears pulled the price below the immediate support at $0.31 on Nov. 21 opening the doors for a possible drop to the support line. A minor positive for the bulls is that the RSI is forming a bullish divergence. This suggests that the bearish momentum could be waning. The ADA/USDT pair could attempt a recovery from the support line, which is likely to hit a wall at the 20-day EMA of $0.34. If the price turns down from this level, it will suggest that the bears continue to sell on rallies. That could result in a retest of the support line. If this level cracks, the selling could accelerate and the pair may drop to $0.25. Contrarily, a break above the 20-day EMA could embolden the buyers who may push the pair to the downtrend line.

Cardano turned down sharply and broke below the critical support of $0.40 on Oct. 10. That was followed by further selling on Oct. 11, which pulled the price to $0.38. The break and close below $0.40 signal the start of the next leg of the downtrend. Buyers have an opportunity to salvage the situation by quickly pushing the price above the breakdown level of $0.40. That could trap the aggressive bears and the ADA/USDT pair could rally to the 20-day EMA ($0.42). Conversely, if the price turns down from $0.40, it will suggest that bears have flipped the level into resistance. That could enhance the prospects of the continuation of the downtrend toward the next major support at $0.33.

Cardano gets listed on Robinhood but ADA bulls are running out of steam, risking 40% drop. ADA prints modest upside moves that may run out of steam due to weak technicals and macro factors. ThCardano (ADA) market has witnessed back-to-back pieces of good news since Aug. 31, from its listing on Robinhood, a U.S.-based retail investment platform, to the release of its first lending and borrowing protocol, Aada Finance. Additionally, Cardano developer IOHK stated that they are close to clinching "three critical mass indicators" that would lead to the launch of their long-awaited Vasil hard fork in September. Vasil aims to improve Cardano's scalability and transaction throughput through pipelining. The upgrade could also improve the decentralized application (DApp) and smart contract capabilities by changing the Plutus script, a programming language used for smart contracts on the Cardano blockchain.

Cardano (ADA) bounced off the 20-day EMA ($0.50) on Aug. 5 and has reached the strong overhead resistance at $0.55. The 20-day EMA is sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If buyers thrust the price above $0.55, the ADA/USDT pair could start its northward march toward $0.63 and then to $0.70. The bears may pose a strong challenge at this level. To invalidate this positive view, the bears will have to sink and sustain the price below the 50-day SMA. That could extend the stay of the pair inside the range between $0.40 and $0.55 for a few more days.

Cardano (ADA) turned down from the overhead resistance at $0.55 on July 30, indicating that the bears are in no mood to allow the bulls to have their way. If the price breaks below the moving averages, the ADA/USDT pair could drop to $0.45. Such a move will suggest that the pair may remain stuck inside the large range between $0.40 and $0.55 for a few more days. On the other hand, if the price rebounds off the moving averages, it will suggest that bulls are buying on dips. The bulls will then once again try to push the pair above $0.55. If they succeed, the pair could rise to $0.63, and later to $0.70.

Cardano (ADA) slipped below the immediate support at $0.44 on July 11, indicating that bears are in command. The selling continued and the bears pulled the price to the important support at $0.40. The buyers attempted to start a recovery on July 13 but the long wick on the day’s candlestick shows that bears are trying to flip the $0.44 level into resistance. If the price breaks below $0.40, the selling could pick up momentum and the ADA/USDT pair could resume the downtrend. The pair could then decline to $0.33. To invalidate this negative view, buyers will have to push and sustain the price above the moving averages. If that happens, the pair could attempt a rally to $0.60.

Although Cardano (ADA) has been trading near the $0.44 level since June 30, the bears have not been able to pull and sustain the price below the support. This suggests that bulls are buying the dips toward $0.44. The buyers are currently attempting to push the price above the 20-day EMA ($0.48). If they accomplish this task, the ADA/USDT pair could rise to the 50-day SMA ($0.51). This is an important level to keep an eye on because a break and close above it could suggest that the bears may be losing their grip. Alternatively, if the price turns down from the moving averages, it will suggest that bears are active at higher levels. The sellers will then try to sink the pair below $0.44 and challenge the critical level at $0.40.

The bears tried to pull Cardano (ADA) below the support at $0.44 on June 13 and 14 but failed to sustain the lower levels. This suggests that the bulls are defending the support zone between $0.44 and $0.40 aggressively. The bulls will attempt to push the price above the 50-day simple moving average (SMA)($0.60). If they manage to do that, the ADA/USDT pair could rise to $0.69 and then to $0.74. The bears are likely to defend this overhead zone with vigor. Contrary to this assumption, if the price turns down from the 20-day EMA ($0.54), it will suggest that the sentiment remains negative and traders are selling on minor rallies. The bears will then make one more attempt to sink the price below the support zone. If they succeed, the pair could signal the start of the next leg of the downtrend. The next support on the downside is $0.30.

The long wick on Cardano’s (ADA) June 6 and 7 candlestick shows that bears are selling the rallies to the 50-day simple moving average (SMA) ($0.65). Although bears tried to pull the price below the 20-day EMA ($0.58) on June 7, the bulls held their ground. The buyers are again attempting to push the price above the 50-day SMA. If they succeed, the ADA/USDT pair could rally to the breakdown level of $0.74. This is an important level for the bears to defend because a break and close above it could suggest a potential change in trend. The pair could then rally toward the psychological level of $1. Contrary to this assumption, if the price turns down from the 50-day SMA or $0.74, the bears will attempt to pull the pair below the 20-day EMA and gain the upper hand.

Cardano (ADA) broke above the downtrend line on May 31 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. Although the bears have successfully defended the downtrend line, a minor positive is that the bulls have held the ADA/USDT pair above the 20-day EMA ($0.56). This increases the possibility of a break above the downtrend line. If that happens, the pair could rally to the 50-day SMA ($0.67) where the bears may again pose a strong challenge. A break and close above this level will suggest a potential change in trend. The pair could then rally to the breakdown level of $0.74. Contrary to this assumption, if the price turns down and plummets below $0.53, the bears will try to pull the pair to $0.50 and later to $0.44. The four-hour chart shows that the price has been squeezed between the 200-SMA and the 50-SMA but this tight range trading is unlikely to continue for long. If bulls propel the price above the 200-SMA, the pair could attempt a rally to $0.64. A break and close above this level could open the doors for a possible rally to $0.69. Conversely, if the price turns down and breaks below $0.53, the selling could pick up momentum. The pair may then decline to $0.50 and later to $0.47.

Cardano (ADA) broke below the minor support at $0.46 on May 27 but the bears could not build upon the advantage. The bulls purchased this dip and started a recovery on May 28. The relief rally picked up momentum on May 30 and the bulls are attempting to push the price above the 20-day EMA ($0.54). If they succeed, it will suggest that the ADA/USDT pair is attempting to form a bottom. The pair could then rise to $0.61 and later attempt a rally to the breakdown level of $0.74. This positive view could be negated if the price turns down from the 20-day EMA. If that happens, the bears will again try to sink the pair below $0.40 and start the next leg of the downward move.

Cardano (ADA) has been trading in a tight range between $0.49 and $0.56 since May 19. This suggests that bulls are attempting to form a higher low but are facing stiff resistance from the bears at higher levels. If the price rebounds off the support at $0.49, the ADA/USDT pair may remain stuck in the range for a few more days. The bulls will have to push and sustain the price above the 20-day EMA ($0.58) to indicate the start of a strong relief rally that may reach the breakdown level of $0.74. Instead, if bears sink the price below the strong support at $0.49, the selling may intensify and the pair could slide toward the May 12 intraday low at $0.40.