Crypto analysts at the LuckSide Crypto channel predict that Cardano will make a major price move in the coming days based on technical signals converging on the charts.
In a YouTube video on December 27, the analyst presented technical analysis predicting that the Cardano (ADA) cryptocurrency will see a decisive bullish or bearish move in the coming days.
This is the moment of truth for the ADA. Here you obviously have to make a decision as to whether to move upward or downward.
Luxide Cryptocurrency
The analyst noted that there are converging signals on ADA’s price chart that show a rise towards an explosive price movement in some way.
In particular, the analyst highlighted the large price gap between resistance in the $0.60-$0.67 range and support around $0.40, where ADA has faced repeated selling pressure recently. In between is the outdoors, where there is little price history.
According to the analyst, ADA could either move higher to test resistance around $0.70 before the end of December or move lower to “test down” the key support level around $0.40. Analysts see signs of strength in the market that lead them to believe that an upward breakout is more likely.
For example, ADA has key support levels and moving averages, while broader indicators such as Bitcoin (BTC) price and volatility show stability. The analyst also believes the cryptocurrency market is building momentum ahead of Bitcoin’s biennial “halving” event in mid-2024, which has historically triggered sharp rallies.
Nonetheless, analysts acknowledged the possibility of surprising events that could change the direction of the market. And he said a drop to $0.40 could provide “more opportunities to buy cheaper.”
The analyst concluded that the ADA will decide which direction to take in the coming days.