Cardano Price Hits $1.20 Resistance Amid Weak Momentum

December 12, 2024

Cardano’s price has been making some moves lately, but it seems to be hitting a roadblock around the $1.20 mark. Will it break through? As of now, Cardano is trading at $1.17, up 7% from the previous day. This mirrors the overall upswing in the crypto market, especially with Bitcoin rallying above $100k.

Although the price of ADA has been climbing, there are signs of weakening momentum. Trading volume is on the decline, indicating a possible slowdown in the upward trend close to the $1.20 resistance level. Additionally, large transactions by whales have decreased, pointing to a drop in investor confidence in the short-term prospects of Cardano.

In terms of DeFi performance, Cardano’s TVL took a hit recently, slipping by -1.83% in the past week. However, there has been a slight uptick in the last 24 hours with a 6.2% increase. Despite this, Cardano’s $658 million DeFi TVL is relatively small compared to the total market TVL of $137 billion.

Looking ahead, Cardano’s price is currently hovering around $1.15, with potential for further upside if it can hold above that level. Resistance is expected at $1.18, but a sustained bullish push could see it break through to test $1.20, signaling a possible continuation of the upward trend. On the downside, support is likely at $1.14, with a break below potentially leading to a test of $1.12.

Overall, Cardano’s price movements in the coming days will be crucial in determining its next steps. Stay tuned for updates on ADA’s journey in the crypto market!