Cardano (ADA) Price Analysis 12/7

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Cardano (ADA) Price Analysis 12/7

Cardano price analysis for December 7 – The global market continues to enjoy bullish momentum as most cryptocurrencies remain in the green zone.

According to live data from CoinMarketCap, the general crypto market cap rests at 1.6 trillion representing a slight drop of 0.35% over the last 24 hours.  The crypto fear & greed index points at 72, the same position as yesterday, indicating a continuous bullish sentiment among investors.

Bitcoin, the world’s largest cryptocurrency by trade volume reached a new yearly high when it peaked at $44,000 earlier. In addition, Ethereum has crossed the $2,200 zone and is now trading at $2,300.

One of the reasons for the steady momentum can be attributed to the potential approval of a Bitcoin ETF by the Securities and Exchange Commission. 36crypto earlier reported that the Commission is hinting towards an approval but will make a decision between January 5 and 10 2024.

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Recent analysis shows that the bulls are trying to hold the advantage, however, some coins have started experiencing corrections. let us look at Cardano.

Cardano (ADA) price analysis

Over the past 24 hours, ADA has grown by 1.36% and by an impressive 21% in the last 7 days per CoinMarketCap data. The hourly chart shows a local support level of $0.4312 may have been reached. Also, a significant increase to $0.4450 can be anticipated if the daily bar closes far from this level.

Cardano (ADA) price analysis

Source: TradingView

Looking at the bigger time frame, the price of Cardano (ADA) has made a false breakout of yesterday’s height of $0.4550. The slide might soon lead to a test of the $0.43 region if nothing changes by the end of the day.

Cardano daily chart

Source: TradingView

The price has almost reached the $0.4633 resistance level on the weekly chart. If there is no long wick and the bar closes near the mark, then it is possible to see a breakout and an eventual rise to $0.50.

Cardano price today

According to Coinstats data, Cardano is currently changing hands at $0.453. What is more, ADA positions as the #18 cryptocurrency on the top trending cryptocurrency list for today with a 24-hour trading volume of $481,834,079 ($481.8 million) and a live market cap of $15,870,742,363 ($15.8 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.