Cardano Regains Bullish Momentum: Key Support at $1.3010
Arslan Butt•Thursday, December 30, 2021•2 min read
- The value of Cardano has plummeted from 1.3906 to 1.3017 level. ADA/USD is currently trading at the $1.3017.
- The market continued to follow in the footsteps of BTC and ETH, which were declining on Wednesday.
- A prediction by Arcade Research added a negative impression on Cardano’s token ADA and dragged its prices to the downside.
The
ADA/USD closed at $1.3320 after placing a high of $1.4373 and a low of $1.3270. ADA/USD dropped for another session on Wednesday and extended its loss to drop to its lowest level in seven days. A recent report posted by Arcane Research has suggested that 2021 has been a roller-coaster ride for the
cryptocurrency industry. However, the company expects more intriguing developments in 2022. The company provided predictions for the crypto industry for the coming year and said Cardano and
Ripple might fall out of the top 10 leaders.
ADA/USD
This prediction by Arcade Research added a negative impression on Cardano’s token ADA and dragged its prices to the downside.
However, the losses were capped by the latest comments from Cardano’s CEO, Charles Hoskinson. The CEO talked about the potential of DeFi and Cardano’s small role within the industry. According to Hoskinson, there was a need for collaboration and friendliness within the DeFi industry. He further said that the only thing holding us back was us.
Meanwhile, the market continued to follow in the footsteps of BTC and ETH, which were declining on Wednesday. The two leading cryptos have been falling for many days amid the prevailing selling pressure and turned the whole market mood to the downside, which the ADA also followed.
Daily Technical Levels
Support Resistance
1.2937 1.4040
1.2552 1.4758
1.1834 1.5143
Pivot Point: 1.3655
Cardano (ADA/USD) Technical Outlook: 50 EMA to Extend Resistance
The value of Cardano has plummeted from 1.3906 to 1.3017 level. ADA/USD is currently trading at the $1.3017 level and has formed a bullish engulfing candle supporting chances of an uptrend.
On the bullish side, the resistance stays at 1.3906, and a break above this exposes Cardano towards the 1.4906 level. Alternatively, the support stays at 1.3017 and 1.1976. Chances of uptrend remain strong above 1.3017. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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