- Cardano price has been downtrend since September, but support is persistent at around $1.14.
- ADA price has bulls jumping on each occasion the monthly S1 support level gets hit.
- Expect a bullish breakout into the Christmas period and at the start of 2022.
Cardano (ADA) price has been under a constant downtrend for most of September, mounting already 63% in price devaluation. But investors have identified a fair value price where they would like to buy ADA coins at a discount, with the S1 monthly support level as additional backing. As more and more bulls add Cardano coins at this level, bears will start to back off as the price will struggle to push further to the downside, with a bullish breakout towards $1.80 as a result.
Cardano bulls are preparing for the Christmas pop towards $1.8
Cardano price has not had the best of times since the downturn started in September this year. But as the year almost comes to an end, it looks like Cardano might start 2022 with a rally that will see its spark around Christmas next week. Investors are defending $1.14 as a previous significant support level, and the monthly S1 just above adds to the conviction that this level will not give way anytime soon.
With the shift in sentiment last week, after a less hawkish central bank decision in the US, sentiment has shifted 180 degrees in favor of risk-on. This has seen an uptick in buying volume, with bears drowning in their attempt to keep price action muted to the downside. Expect to see a bullish breakout in the coming week that could rally into New Year at $1.18, already reversing 1/3rd of the occurred losses since September.
ADA/USD weekly chart
Should some headwinds start to weigh in against the tailwinds that emerged at the end of this week, expect some more pressure to mount on the $1.14 level, with investors fleeing the scene for the default. A break lower would push ADA price towards $0.80 with $0.71 as the ultimate support element to hold as this acts as a technical support element from February this year. By then, the Relative Strength Index will have breached into the oversold territory, limiting further downside gains for bears.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Ethereum Price Forecast: ETH consolidates below $2,000 as Standard Chartered alters its prediction for 2025
Ethereum remained just below $2,000 in the Asian session on Tuesday as Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, updated the bank's 2025 price forecast for ETH.

Solana price faces 50-day resistance as SOL futures debut on CME Group with $5M volume on fifth anniversary
Solana (SOL) stagnated around the $128 mark on Monday despite multiple bullish catalysts. The recent SOL unlocks by Alameda Research, ahead of FTX creditor repayments, have created a persistent bearish overhang since early March.

Canary Capital proposes first-ever Sui ETF following S-1 filing with the SEC
SUI saw slight gains on Monday as Canary Capital submitted an S-1 application with the Securities & Exchange Commission (SEC) to launch a Sui exchange-traded fund (ETF). This adds to the growing list of altcoin ETF filings awaiting approvals from the regulator.

Outflows in crypto funds reach $6.4 billion over five weeks amid long-term holder accumulation
Crypto exchange-traded funds (ETFs) extended their outflow streak last week, totaling $1.7 billion, bringing the total outflows in the past 5 weeks to $6.4 billion, per CoinShares weekly report on Monday.

Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.