Cardano (ADA) is below $1 first time in weeks
2024-12-11
Category: None

Cardano (ADA) price is currently trading below $1 for the first time since November 26, reflecting its ongoing downtrend. The ADX has risen to 41.2, confirming the strength of this bearish trend, as ADA continues to face pressure with a D- at 33.2 and D+ at 6.2.

Cardano price is currently in a strong bearish trend, with its EMA lines aligning to confirm the downward momentum. The ADX reading supports this view, indicating that the trend is gaining strength. If the bearish movement persists, ADA could first test the nearest support level at $0.87.

Should this support fail, ADA may continue its descent toward more critical levels at $0.65 and $0.519, where further price action will be critical in determining whether the downtrend continues.

On the other hand, if ADA price manages to reverse the current bearish trend and regain positive momentum, it could challenge the resistance at $1.11.

If this resistance is overcome, ADA price might continue its ascent, potentially reaching higher levels at $1.24 and $1.32.