Technical analysis

Will Cardano (ADA) Price Surge Above $0.45 By December End?

The crypto markets again turn extremely uncertain as the Bitcoin price flutters on and off of $17,000. Most of the altcoins along with Cardano price are closely following the star crypto which has led to huge price variations in the past 24 hours. However, the community remains bullish on Cardano as the market participants and long-term investors believe a notable upswing may be fast approaching. 

What Could be the ADA Price on 31st December 2022?

Cardano community on various platforms have displayed their support for the platform and is extremely confident about the upcoming bullish narrative. The Coinmarketcap’s price estimate feature allows the community to record their price estimates for a certain period of time and then offers an average price accordingly. 

Following the same, ADA price’s average levels are speculated to be around $0.4788 by the end of 2022. Therefore, it can be said that the community is expecting a 50% jump in the next fortnight as ADA prices are believed to close the yearly trade close to $0.5. 

While the community is bullish, the fact is that ADA price continues to trade under a huge bearish influence with a couple of indicators turning extremely bearish. 

Firstly, the digital asset continues to hover below the 50-day MA levels which are the pivotal levels for any cryptocurrency, to begin with, a bullish trend.

Trading View

Moreover, the price is trading around the lower crucial support and appears to be poised to break down from these levels. A daily close below $0.31 may validate a bearish trend which may further drop the price below $0.3. Presently, the Cardano (ADA) price is trading around $0.3015 with a drop of 0.8% in the past 24 hours. Meanwhile, the trading volume has risen significantly by 12% recording $ 182.74 million. 

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