Cardano

Rekt

<ul>
 <li>ADA was down by more than 4% in the last 24 hours, but its volume increased.&nbsp;</li>
 <li style="font-weight: 400;">If ADA’s price is to turn bullish, it has to cross a resistance level near $0.64.</li>
</ul>
<a href="https://ambcrypto.com/search/cardano" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano [ADA]</a> witnessed a massive surge in its price over the last week as its value rallied by 30%. However, things changed in the last 24 hours as its price registered a drop. 
Is this the end of ADA’s bull rally, or should investors expect a trend reversal soon?
<h4>Cardano is testing a support level</h4>
After a comfortable week-long rally, ADA witnessed a price correction. According to <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, Cardano was down by more than 4% over the last day. 
At the time of writing, it was trading at $0.5576 with a market capitalization of over $14.6 billion, making it the eighth-largest crypto. 
Though at first things might look bearish, things can soon turn in the token’s favor. Relt Capital, a popular X (formerly Twitter) handle that posts crypto analyses, pointed out that ADA was sitting right on top of a major support level of $0.51.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ADA</a>
 Cardano is successfully retesting the orange level as support
 So far, so good<a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ADA</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Cardano</a> <a href="https://t.co/mCVMapZuNL" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/mCVMapZuNL</a> <a href="https://t.co/FvD4U2yFZ9" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/FvD4U2yFZ9</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1734583784320766072?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 12, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Once ADA tests that level, the possibility of the coin’s value surging further seems likely. As of now, though, ADA’s popularity witnessed a drop, as evidenced by its Social Dominance. 
Its Weighted Sentiment also saw a plummet, suggesting that negative sentiment dominated the market. 
Nonetheless, <a href="https://ambcrypto.com/a-new-high-for-cardano-heres-what-you-should-know/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ADA</a> remained in demand in the Futures market, as evidenced by its green Binance Funding Rate. It was also interesting to see a massive surge in the blockchain’s Development Activity. 
This indicated that the developers made more efforts last week to improve the network.
<div id="attachment_358571" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358571" decoding="async" class="wp-image-358571 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.13.46-13-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
<h4>ADA needs to cross these hurdles&nbsp;</h4>
To restart a bull rally, ADA has quite a few hurdles to cross. Inasmuch, AMBCrypto took a look at Cardano’s liquidation heatmap to see when ADA faced problems. 
Notably, the token’s liquidation surged sharply when its price touched the $0.56 mark, after which its price sank.
 If the token goes above that level, <a href="https://ambcrypto.com/should-cardano-investors-be-cautious-after-adas-recent-moves/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ADA</a> will witness a resistance level at the $0.64 mark, as the token failed to go above that range during the last week.
<div id="attachment_358572" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-2.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358572" decoding="async" class="wp-image-358572 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-2.png" alt="" width="1482" height="736" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-2.png 1482w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-2-300x149.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-2-1024x509.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-2-768x381.png 768w" sizes="(max-width: 1482px) 100vw, 1482px"></a>
 Source: Hyblock Capital
</div>
AMBCrypto then took a look at other metrics to see whether ADA’s price could gain bullish momentum in the near term. As per our analysis, ADA’s MVRV ratio registered a drop after spiking on the 10th of December.&nbsp;
Is your portfolio green? Check out the <a href="https://ambcrypto.com/calculator/cardano-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ADA Profit Calculator</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Its velocity also started to decline, meaning that ADA was used in transactions less often within a set time frame. However, a positive metric was <a href="https://ambcrypto.com/chatgpt-ada-price-prediction-dec-10/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ADA</a>’s Open Interest, which dropped. 
A decline in the metric generally hints at a trend reversal, giving hope for a price uptick soon.
<div id="attachment_358573" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358573" decoding="async" class="wp-image-358573 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.21.08-13-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>

Cardano drops 4% in 24 hours: Should you worry?

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