The post Cardano (ADA) Price to Pump Higher or Correct to $0.49? Analysts Weigh In appeared on BitcoinEthereumNews.com.
Cardano (ADA) price action has caught people’s attention after its powerful surge in November and early December. Analysts are looking to see whether the recent slowdown heralds a longer correction or the opening up of a new upward leg. ADA Experiences Market Correction After November Rally In November, Cardano price experienced a huge sudden spike in early December, reaching a high of $1.30. This rally has since paused and ADA has subsequently corrected and become sideway. According to market data, the cryptocurrency has dropped by -19.85% over the past week and by only -0.74% in the last 24 hours, valued at $0.8874 at press time. Cardano’s total market capitalization is listed at $31.87 billion, based on a circulating supply of 36 billion ADA tokens. These numbers reveal ADA’s dominance in the market and at the same time indicate that the price is impacted by the bearish sentiment. Cardano price: Technical Indicators Signal Bearish Momentum Cardano has been in a bearish trend and multiple technical indicators indicate that this might well continue for a while yet. The downwards trend is confirmed by the fact that the MACD line stays below the Signal line. Additionally, the histogram shows negative values, though a flattening slope suggests a weakening in selling pressure. – Advertisement – Source: TradingView The Awesome Oscillator (AO) is also in negative territory, supporting the bearish outlook. However, its declining slope hints at potential exhaustion in the downtrend. The Relative Strength Index (RSI) stands at 41.13, reflecting bearish momentum without entering oversold conditions. This indicates room for further price decline before a potential rebound occurs. Analysts Identify Key Support Levels and Historical Patterns With the focus placed on critical support levels, ADA boasts $0.68 as the nearest target potential correction support. During an extended bearish trend, the bearish pressure may deepen a pullback to…