Cardano (ADA) Price Analysis for December 10

Bears have seized the initiative on the last day of the week, according to CoinStats.

ADA/USD

Cardano (ADA) has lost a lot of value today, going down by 5.18%.

On the hourly chart, the rate of ADA is stuck in the middle of a narrow channel. However, if the price fixes above the $0.60 zone by the end of the day, the accumulated energy might be enough for a blast to the $0.61-$0.62 zone.

On the bigger time frame, ADA might need time to gather strength for a further sharp move after a continued rise. Thus, the volume has declined, which confirms possible sideways trading.

All in all, consolidation in the zone of $0.55-$0.60 is the more likely scenario for next week.

From the midterm point of view, the price of ADA remains bullish after a breakout of the $0.4633 level. However, buyers need more time for a further upward move. If the rate does not fix above $0.60, a local correction to the $0.50 zone may happen by the end of the month.

ADA is trading at $0.5919 at press time.

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