Cardano recently reached a new annual high, with the price of ADA steadily rising since October. The price broke through a long-term resistance area and reached $0.68 on December 14. However, a bearish candle with a long upper wick formed last week, resulting in a slight drop in the ADA price. Despite this decline, the RSI momentum indicator suggests a bullish trend.
In terms of future predictions, cryptocurrency trader Blue Crypto believes that the key resistance area is at $0.68. If the price surpasses this level, it could quickly rise to the next resistance at $0.90. However, the daily timeframe indicates that ADA may experience a correction before continuing its upward trend to new highs.
According to Elliott wave analysis, ADA may not break above the $0.68 resistance and instead begin the fourth wave within a five-wave bullish structure. This suggests a potential 18% decline to the $0.50 Fibonacci retracement level. The daily RSI also supports this downside scenario, as it has formed a bearish divergence.
On the other hand, if ADA rises above $0.68, it could indicate an extension of the third wave, potentially leading to a 40% increase to the next resistance at $0.88.
Please note that this information was obtained from TradingView and should not be considered as financial advice.
Additionally, here are some top crypto platforms as of December 2023:
– Kucoin
– Bybit
– Bitsgap
– BYDFI
– MEXC
– Bitget
Please conduct your own research before engaging with any crypto platforms.