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Cardano Ecosystem

InsideBitcoins

12/10/2023

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Cardano Price Prediction for Today, December 10 - ADA Technical Analysis

Join Our Telegram channel to stay up to date on breaking news coverageThe Cardano price prediction shows that ADA is attempting to break more upsides as the coin moves to cross above the channel. Cardano...

Cardano Price Prediction for Today, December 10 - ADA Technical Analysis

Cardano Price Prediction for Today, December 10 - ADA Technical Analysis

Cardano Price Prediction for Today, December 10 - ADA Technical Analysis

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The Cardano price prediction shows that ADA is attempting to break more upsides as the coin moves to cross above the channel.

Cardano Prediction Statistics Data:

  • Cardano price now – $0.52
  • Cardano market cap – $19.2 billion
  • Cardano circulating supply – 35.3 million
  • Cardano total supply – 36.4 billion
  • Cardano CoinMarketCap ranking – #8

ADA/USD Market

Key Levels:

Resistance levels: $0.60, $0.62, $0.64

Support levels: $0.38, $0.36, $0.34

Cardano Price Prediction for Today, December 10 - ADA Technical Analysis
ADAUSD – Daily Chart

ADA/USD is attempting to cross above the upper boundary of the channel while the $0.45 support level remains the critical support. However, for the past few days, ADA/USD has been hovering above the 9-day and 21-day moving averages, and this could push the coin to gain more upsides.

Cardano Price Prediction: Will Cardano Move Higher?

The Cardano price may continue to rise and could probably cross above the upper boundary of the channel if the bulls defend the $0.51 level. Therefore, any further bullish movement above the channel may push the price to the potential resistance levels of $0.60, $0.62, and $0.64.

Therefore, this technical analysis may be invalidated if the bears break below the lower boundary of the channel which could hit the support levels at $0.38, $0.36, and $0.34. Meanwhile, the 9-day moving average remains above the 21-day moving average, suggesting more bullish movements.

ADA/BTC Heads to the Downside

Against Bitcoin, the Cardano price is rising above the 9-day and 21-day moving averages as the coin touches the resistance level of 1212 SAT. Therefore, any further bearish movement toward the upside may create additional gains for the market.

Cardano Price Prediction for Today, December 10 - ADA Technical Analysis
ADABTC – Daily Chart

However, if the buyers increase the buying pressure, higher resistance could be located at 1300 SAT and above. Looking at the daily chart, the 9-day MA is likely to cross above the 21-day MA, indicating that sellers are coming to play. Moreover, should the bulls fail to move the current market value to the upside, the bears may return to the market, and the nearest support level could be located at 930 SAT and below.

Alternatives to Cardano

In recent days, the Cardano price has demonstrated notable resilience, initiating a gradual upward trajectory. The potential shift towards a downward trend has been interrupted, as indicated by technical analysis. Today, in the early hours, Cardano reached a daily high of $0.53 while sustaining its bullish momentum. As of now, the 9-day Moving Average (MA) hovers above the 21-day MA, signaling a continued bullish sentiment.

However, Cardano (ADA) is currently experiencing a strong bullish trend, holding the 8th position in the crypto world with a market cap of $19.2 billion. Meanwhile, Bitcoin Minetrix (BTCMTX) introduces a revolutionary concept, allowing users to mine Bitcoin on Ethereum without technical expertise, upfront costs, or hardware maintenance. By tokenizing Bitcoin cloud mining, BTCMTX addresses security and centralization concerns, overcoming historical barriers to cloud mining adoption. Impressively, the token has raised nearly $5.2 million in its presale, reflecting growing interest in its innovative approach to decentralized mining.

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Author

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management. Azeez provides daily articles covering the price movements of major cryptocurrencies, and has contributed to a range of respected publications and trading magazines. Find his other published work on Learn2.trade, and…

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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