CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2024-12-26 19:54:48

Cardano (ADA) Price Prediction For December 27

The post Cardano (ADA) Price Prediction For December 27 appeared first on Coinpedia Fintech News ADA, the native token of the Cardano blockchain, appears to be struggling to maintain its crucial support level amidst market uncertainty. Today, December 27, 2024, the overall cryptocurrency market sentiment appears to be experiencing a price decline, encompassing major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP. This price decline in major assets has completely shifted market sentiment towards a downtrend. Cardano (ADA) Current Momentum At press time, ADA is trading near $0.864, having experienced a price decline of over 6.9% in the past 24 hours. Amid this price decline, the altcoin has reached a crucial level. If this level fails to hold, the asset could tank by 15%, falling below the $0.75 mark. This bearish price action has infused fear among traders and investors, leading to a decline in trading volume. According to CoinMarketCap data, ADA’s trading volume has dropped by 16% in the past 24 hours. Cardano (ADA) Technical Analysis and Upcoming Level According to expert technical analysis, ADA has recently broken down from a bearish head and shoulders price action pattern. Over the past seven days, it has been consolidating below the pattern’s neckline. Amid the recent price decline, ADA’s price has reached the lower boundary of the consolidation zone and is on the verge of a breakdown. Source: Trading View Based on the recent price action, if the altcoin breaches this level and closes a daily candle below the lower boundary of the zone, there is a strong possibility it could decline by 15%, reaching the $0.77 mark in the future. ADA’s bearish thesis will only hold true if it closes a daily candle below the $0.85 level, which constitutes the lower boundary of the consolidation zone. Otherwise, the bearish scenario may fail to materialize. On-Chain Metrics Reveals Mixed Sentiment Despite this bearish outlook, long-term holders appear optimistic, while traders seem hesitant to establish new positions, as reported by the on-chain analytics firm Coinglass . Data from ADA spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $4.7 million worth of ADA, suggesting potential accumulation and buying pressure. Source: Coinglass Conversely, traders appear to be liquidating their positions, as evidenced by an 8.2% drop in ADA’s open interest within the last 24 hours.

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta