Cardano (ADA) Price Analysis for December 7
Bulls are trying to hold the gained initiative; however, some coins have entered a correction phase already.
ADA/USD
The rate of Cardano (ADA) has declined by 0.16% over the last 24 hours.
On the hourly chart, the price of ADA might have found a local support level of $0.4312. If the daily bar closes far from this mark, one can expect a further upward move to $0.4450.
On the bigger time frame, the rate of ADA has made a false breakout of yesterday’s peak at $0.4550.
If the situation does not change by the end of the day, the decline may lead to the test of the $0.43 area soon.
On the weekly chart, the price has almost reached the resistance of $0.4633. If the bar closes near that mark with no long wick, there is a possibility to see a breakout, followed by a further rise to $0.50.
ADA is trading at $0.4377 at press time.