Cardano (ADA) Price Analysis for December 23 - U.Today

Bears are dominating over bulls on the second day of the week, according to CoinStats.

ADA chart by CoinStats## ADA/USD

The rate of Cardano (ADA) has dropped by 3.18% since yesterday.

Image by TradingViewOn the hourly chart, the price of ADA is near the local support of $0.3607. If buyers cannot seize the initiative and a bounce back does not happen, there is a high chance to see a test of the $0.3550 area soon.

Image by TradingViewOn the longer time frame, the rate of ADA is going down after a false breakout of the resistance at $0.3809

If the situation does not change, one can expect a test of the $0.35 zone shortly.

Image by TradingViewFrom the midterm point of view, there are no reversal signals so far. If the weekly bar closes near or below the $0.35 zone, traders may witness an ongoing decline to the $0.30 range until the end of the month.

ADA is trading at $0.3605 at press time.