Bitcoin

Coin

The leading cryptocurrency started the new week with a decline as expected and closed its first red candle after 8 weeks. Institutional investors also completed a week with a slight net outflow for the first time in weeks. This negativity is normal despite the anticipated ETF approval because prices do not go up forever; healthy corrections are customary processes. 
<h2 style="text-align: justify" id="ada-coin-commentary">ADA Coin Commentary</h2> 
Since October, the price of <a href="https://en.coin-turk.com/cardano-ada-shows-strong-signs-of-surge-according-to-analysts/" data-wpel-link="internal">ADA</a> Coin has increased by 184%, albeit slowly compared to other positively diverging altcoins. The breakout above $0.4 particularly accelerated the uptrend. After the much-anticipated breakout, investors targeted $1 while <a href="https://en.coin-turk.com/bitcoin-analyst-predicts-price-could-surpass-42000-in-the-next-12-13-months/" data-wpel-link="internal">Bitcoin</a> decided to form a bearish candle in its ninth week. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-290764 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/ADA-Coin-18-Aralik-Fiyat-Analizi.png" alt="" width="1050" height="803"> 
The timing is unfortunate, but there’s nothing to be done. In the short term, while the MACD gave a positive signal, the RSI was ambiguous. However, if the closures below the resistance of $0.612 continue, optimism could be further undermined. On the other hand, BTC’s firm stance below $42,000 and increasing sales also bring to mind the risk of further losses. 
<h2 style="text-align: justify" id="ada-coin-price-prediction">ADA Coin Price Prediction</h2> 
Closures below $0.612 for ADA Coin could lead to a drop to $0.5. For now, the price was closer to resistance at $0.597. What would closures below the last support lead to? In that case, we could see a drop to $0.39. The potential to return to the resistance at $0.4, which took a long time to overcome, is disheartening. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-290766 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/ADA-Coin-Haftalik-Fiyat-Analiz.png" alt="" width="1050" height="801"> 
Last week, ADA Coin bulls, who failed to surpass the 0.000015 BTC level in the Bitcoin (BTC) pair, are now struggling to protect the support coinciding with the 50-week Exponential Moving Average (EMA) around 0.0000127 BTC. 
Losses were not only in the dollar pair; the negatively diverging altcoin fell victim to profit-taking after reaching its recent peak quickly amidst BTC sales. If this support level does not hold, the next notable support for ADA is at 0.000011 BTC. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-290767 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/ADA-BTC-Grafik-Analiz.png" alt="" width="1055" height="796"> 
For now, BTC faces the risk of a deepening correction unless we see closures above $41,500 and $42,500. On the other hand, the PCE data coming on Friday is the second most important event of December after the Fed meeting and could be the biggest shake-up for BTC prices. If the PCE is announced as expected to be low, it could highlight the success in the fight against inflation while potentially pushing crypto upwards. Continue Reading: <a href="https://en.coin-turk.com/crypto-market-trends-and-ada-coin-analysis/" data-wpel-link="internal">https://en.coin-turk.com/crypto-market-trends-and-ada-coin-analysis/</a>

Crypto Market Trends and ADA Coin Analysis

Table of Contents

COINTURK NEWS

Other articles published on Dec 18, 2023

Wirecard exec accused of being Russian spy by Western officials: WSJ

PancakeSwap Requests Seed Injection For LUNC-BNB Chain Pool, LUNC & USTC Price To Rally?

The Rise of AI in the 2024 Workplace

Bonk (BONK) Lost 40% of Its Value in 3 Days: Can It Recover?

Federal Reserve faces mounting pressure for leniency

If the US Recession Hits in 2024, Will Gold or Bitcoin Benefit? Senior Bloomberg Analyst Comments

Join our free newsletter for daily crypto updates!