Cardano(ADA)/USDT Technical Analysis: 07 December 2021

Cardano(ADA)/USDT Technical Analysis: Cardano price after a prolonged consolidation lost its grip and plummeted heavily. Yet the asset appears to be primed for a quick recovery to hit higher resistance levels soon.

7 Dec 2021 | 5 min read

Table of Contents

Cardano(ADA)/USDT Technical Analysis at a Glance

Cardano(ADA) crypto hovered within a very narrow range for more than a month and as it attempted to break the crucial resistance levels, the rally flipped into a huge bearish divergence. However, the asset since the early trading hours gathered enough bullish momentum and is currently attempting very hard to break through the downtrend. Yet some crucial levels need to be tested and sustained to confirm with the uptrend and eventually resume with the bull run.

Short-Term	Appears to be bullish, yet the possibilities of a flip cannot be ruled out until the asset clears $1.5 resistance levels
Mid-Term	Buying volume is slowly accumulating pointing towards a bullish trend, yet the volume still remains below the required levels
Long-Term	Currently bearish yet may roll over the bears very soon

Cardano(ADA) Price Technical Indicators

Cardano(ADA) price manifested a strong upward trajectory in the first half of 2021 and surged above $2 from around $0.1. The asset managed to sustain at $1 support levels during each sell-off and crash, including the very recent one. Moreover, the ADA price is currently testing the upper resistance levels of the channel, which may result in a spike towards the crucial resistance levels around $2.3.

Relative Strength Index(RSI)

The RSI levels in the long-term have just flipped after hitting the bottom levels and hence could undergo a notable uptrend in the next couple of days. However, the lowered trading volume could be a matter of concern. But in the short term, a huge buying volume has been accumulated since the early trading hours and hence a decent jump could be imminent.

MACD

The MACD is struggling to flip the bearish divergence in the long term, yet the accumulated selling pressure is acting as a barrier. Hence cannot say completely bearish or bullish. In the short term, the asset appears to have exhausted after a notable spike and hence a minor correction may be fast approaching.

Moving Average(MA)

The price has plunged below the 200 & 100 days MA levels in both the short term and the long term. Therefore the bearish trend may be still haunting the Cardano price rally.

Bollinger Bands

The Bollinger bands point out towards a bearish trend as the price is swinging along with the lower levels of the band in the long term. However, in the short term, the price is consolidating within the upper bands and hence the price could continue chopping within the same levels.

Cardano(ADA) Price Analysis for the Week

Cardano prices smashed new highs in the early days of September. Further, the asset followed most of the crypto assets and continued to either consolidate or trend towards the south. After swinging within a narrow range for more than a month, the asset plunged heavily since November. However, the ADA price for the past couple of days is trying to rise above the parallel channel.

Source: Tradingview Date: 07-12-2021 Time: 2:00pm

The ADA price is on the verge of testing one of the important resistance levels close to $1.5. Once the price attains these levels, then an uptrend may be validated.
Yet the strong resistance levels reside in between the $2.3 to $2.4 zone and clearing these zones can confirm with the bull run.
On the contrary, if the trend flips and the bears gain back control, then yet another retest at $1 could be pre-programmed.

Cardano (ADA) Price for Today: 07 December 2021

Cardano’s price today is slightly elevated compared to that of the previous day. The ADA price flipped the bears during the previous day’s trade and continues to range towards the north. Despite the sellers’ attempt to drag the price, yet the buying volume is slowly accumulating which could uplift the price beyond $1.5. At the press time, Cardano’s crypto price is around $1.47 with a huge jump of 12.%.

Where to buy Cardano(ADA)

Cardano is among the most popular and primitive assets which have been trading for quite a long time. And hence is listed on all major exchanges in the world. Well if you want to invest in Cardano and are in search of a reliable platform, CoinDCX is at your rescue. CoinDCX is one of the popular cryptocurrency exchanges in India which offers attractive transaction fees and stress-free trades. All you need to do is download CoinDCX mobile app on your smartphone and start trading following a few simple steps.

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