Cardano Forecast For Dec 24: Here’s How Low ADA Price Can Go

Cardano price now faces a downtrend as resistance proves stiff and spot flows show increased outflux.

Notably, Cardano (ADA) has experienced a significant decline recently, currently priced at $0.3562, reflecting a 2.4% drop over the past 24 hours. Over the past week, ADA has dropped by 6.1%, while the 14-day performance shows a larger decline of 22.9%. 

This downtrend is compounded by the lower trading range, as the price nears historical lows. Investors are closely monitoring whether ADA can find a solid support level or if further declines are imminent.

As of the latest data, ADA holds a market cap of $12.78 billion, marking a 2.35% decline in the last 24 hours. The 24-hour trading volume is reported at $502.35 million, showing a decrease of 5.81%, which reflects lower trading activity in the market. Where is Cardano headed next?

Cardano Price Analysis

Looking at the weekly chart from TradingView, the current trend presents notable bearish sentiment. The Supertrend indicator suggests a bearish outlook, as the price is below the red trend line placed at $0.70751.

The recent decline has been accompanied by an ADX (Average Directional Index) reading of 31.76, showing moderate ascendance. This indicates that the market is trending strongly, but the strength of the trend is still not enough for a reversal.

In terms of support and resistance, the price has been capped by the Supertrend resistance level around $0.70751, with the next significant resistance lying near $0.891. On the downside, the support seems to be positioned around the $0.32, with the next critical support zone potentially forming near $0.28.

Cardano Spot Flows

Elsewhere, according to Coinglass data, ADA has seen significant fluctuations in its spot flows over the past week. The 4-hour spot flows show a positive net inflow of $410.49K, with a 126.59% increase in flows.

The 8-hour spot flows also reflect a favorable net inflow of $908.61K, marking a 139.92% increase, indicating short-term buying interest. However, the 12-hour and 24-hour spot flows show a decline, with net outflows of $1.38M and $1.88M, respectively, pointing to some bearish sentiment in the market.

Over the longer term, the 3-day and 5-day data show further declines, with net outflows of $2.55M and $3.14M, respectively. The 7-day spot flows indicate a larger net outflow of $6.25M, despite an 84.81% increase in inflows. This extended period of net outflows suggests that while there was some short-term buying interest, the overall market sentiment for Cardano remains cautious.