Stellar, Dogecoin, and Cardano face downward pressure

As December 2024 draws to a close, Stellar (XLM/USD), Dogecoin (DOG/USD), and Cardano (ADA/USD) have faced significant price corrections, reflecting broader market struggles. However, critical support and resistance zones could play pivotal roles in determining the next move for these cryptocurrencies. The attached charts for each coin indicate a similar performance pattern, with failed attempts to retest November highs followed by substantial pullbacks. Below, we analyze the key technical levels and their suggestions for each asset's long-term prospects.

Stellar (XLM/USD): Attempts to reclaim 0.3525

Stellar's price action in December had a rough start. After a strong November performance, which marked the best month since 2021 and the most significant surge of the 2024 crypto rally, Stellar (XLM) attempted to push higher but failed to reach the November highs. As highlighted in our December 12 analysis, the 0.4815 support zone, just below November's closing level, was critical to watch.

Since the failed attempt, the price has been in a downtrend, losing over 48% and dropping to just above the 0.3000 support line. As of December 29, 2024, the price has rebounded slightly to the 0.3525 resistance level, but the direction remains uncertain.

Key factors to consider

• The monthly chart shows a loss of around 50% of November's gains, indicating the continuation of a downtrend in the longer term.

• The 0.3525 resistance line is critical; if the Bulls fail to defend this level, further downside could follow.

• A break above 0.3525 could signal a potential recovery, while failure to hold above the 0.3000 support could drive the price lower.

Stellar projected critical level at 04815 December 12 2024

Stellar price chart update December 29 2024

Dogecoin (DOG/USD): A parallel downtrend and key resistance zone

Dogecoin (DOG/USD) has mirrored Stellar's price behaviour, with a failed retest of November highs followed by a drop of more than 45%. The price has since bounced back, with DOG/USD rising to the 0.3203 zone as of December 29, 2024. This zone could be pivotal in determining whether the market will see a continued recovery or face further downside.

Key factors to consider

• The broader trend, both on the weekly and monthly timeframes, remains bearish as we approach the end of the year.
• A critical resistance level exists at 0.3203. If DOG/USD can break and hold above this level, a retest of the 0.3616 zone is possible.
• However, if DOG/USD fails to hold above 0.3203, the Bears could regain control, potentially pushing the price toward 0.2789 and 0.2488.

Dogecoin price chart December 29 2024

Cardano (ADA/USD): Struggling to maintain momentum

Cardano (ADA/USD) has followed a similar path to Dogecoin, with a significant drop of over 40% from November highs. However, ADA has recently recovered to above the 0.8656 resistance line, showing some signs of strength as of December 29, 2024.

Key factors to consider

• The drop in December was challenging, but recent price action shows that Bulls have managed to hold the 0.7590 zone and push prices above 0.8656.
• Maintaining price action above 0.8656 is critical for ADA to see further gains and improve its chances of recovery.
• If the price can stay above 0.8656, potential targets include 0.9315 and 0.9784
• Failure to hold above 0.8656 could trigger a retest of the 0.7590 zone, with the 0.6348 support level as the next target.

Cardano price chart December 29 2024

Conclusion: Watch key levels for potential reversal or further decline

As 2024 comes to a close, Stellar, Dogecoin, and Cardano have all experienced significant corrections, mirroring broader market weakness. However, these cryptocurrencies are at a critical juncture, with key support and resistance levels in play that could determine their future trajectory. Bulls must defend these levels to secure potential recoveries, while Bears may continue to control the market if these levels fail to hold.

Traders and investors should keep a close eye on the 0.3000 and 0.3525 zones for Stellar, the 0.3203 and 0.3616 zones for Dogecoin, and the 0.8656 and 0.9315 levels for Cardano to better gauge the next possible moves in these assets.