Cardano (ADA) Price Analysis for December 7

Bulls are trying to hold the gained initiative; however, some coins have entered a correction phase already.

ADA/USD

The rate of Cardano (ADA) has declined by 0.16% over the last 24 hours.

On the hourly chart, the price of ADA might have found a local support level of $0.4312. If the daily bar closes far from this mark, one can expect a further upward move to $0.4450.

On the bigger time frame, the rate of ADA has made a false breakout of yesterday’s peak at $0.4550.

If the situation does not change by the end of the day, the decline may lead to the test of the $0.43 area soon.

On the weekly chart, the price has almost reached the resistance of $0.4633. If the bar closes near that mark with no long wick, there is a possibility to see a breakout, followed by a further rise to $0.50.

ADA is trading at $0.4377 at press time.

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