Cardano (ADA) Price Analysis for December 24

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Bulls could not hold the initiative on the first day of the weekend as most of the coins are back in the red zone.

ADA/USD

The price of Cardano (ADA) has declined by 0.48% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, Cardano (ADA) is trading near the local support level at $0.2566. The rate is far away from the resistance at $0.2602, which means a breakout followed by a drop to the $0.2550 zone is the more likely scenario.

ADA/USD chart by TradingView

On the daily time frame, the situation is unclear as the price is staying within yesterday’s candle against the declining volume. Currently, traders should not expect sharp moves as the altcoin has not accumulated enough power.

If buyers want to seize the initiative, they need to restore the rate above the $0.27 area.

ADA/USD chart by TradingView

On the bigger chart, the price of Cardano (ADA) has made a false breakout of the recently formed support level at $0.2550. If buyers can keep the rate above it until the end of the week, the growth to $0.27 may continue.

ADA is trading at $0.2577 at press time.