The crypto market is spotted mostly in green. BTC is leading in consolidation, other crypto-assets followed in its footsteps as seen in sideways trading. After hitting a recent multi-month high of 0.1935, Cardano (ADA) rebounded from lows of $0.111 set after a price rejection. In a further price move, ADA managed to flip the $0.14 resistance into support. ADA/USD remains in a fix between bears and bulls as ADA trades in between underlying support of $0.14 and overhead barrier of $0.17. Cardano presently consolidates, trading at a spot price of $0.155 down by 1.87% on the day. The market cap is ranked 8th on the Coinmarketcap table and currently stands at $4.8 billion, with $805 million in trade volume over the past 24 hours. Kevin Hammond of IOHK, Cardano’s parent company disclosed that Cardano will undergo a hard fork in mid-December as part of its transition to the Goguen era. The fork will enable the token-locking mechanism which sets the stage for Goguen, the era of smart contract integration.
*ADA trades in between underlying support of $0.14 and overhead barrier of $0.17
*Cardano presently consolidates, trading at a spot price of $0.155 down by 1.87% on the day
*Kevin Hammond of IOHK, Cardano’s parent company disclosed that Cardano will undergo a hard fork in mid-December
Key Levels
Resistance Levels: $0.1719, 0.1520, $0.1326
Support Levels: $0.1150, $0.1000, $0.0890
ADA/USD Daily Chart: Ranging
ADA/USD Daily Chart
On the daily chart, ADA is on the verge of a pullback but the bulls have not yet given up much ground. The upsloping moving averages and the RSI in the positive territory seem to suggest that bulls still have a minor advantage. On the upside, a barrier at $0.1720 continues to limit price action. Once it is cleared, the recovery will gain traction with the next target at $0.1935.
If ADA price turns down from its current level, the next support is envisaged between $0.1455 and $0.1400 marks at which the bulls may come into play. However, if the bears sink the price further beneath $0.14, a deeper correction to the $0.1300 level and the MA 50 support at $0.1210 is possible.
ADA/USD 4-Hour Chart: Ranging
ADA/USD 4-Hour Chart
ADA remains in a fix between bears and bulls while awaiting the next major move. This is seen with the 4-hour RSI being at the mid-value. As ADA price movement remains capped beneath the MA 50 at $0.1600, the ultimate mission among the bulls is to drive past this barrier to hit $0.1720 and beyond.
On the downside, formidable support is seen at $0.1455 from which a rebound occurred on December 4. Further declines may cause ADA to retest its recent low of $0.1394 and the MA 200 close at $0.1300. The ADA/USD pair is only bullish while trading above the $0.1250 level, key resistance is found at the $0.1720 and the $0.1935 levels. If the ADA/USD pair trades below the $0.1250 level, sellers may test the $0.1000 and $0.0850 levels.
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