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Dec 16,2022

Price of Cardano (ADA) Will Experience Massive Drop as 2022 Ends

Technical indicators suggest that the price of ADA will decrease further by the end of 2022.

The ADA efforts to challenge the unethical process were recently withdrawn.

Traders may exit their positions after the Christmas rally.

The current technical situation in the Cardano chart shows that the bottom line of the project, ADA, will end the last 2 weeks of 2022 with a huge loss. Many of the factors that have caused prices to line up over the past week have not had the expected impact on the price of altcoins. This can cause customers to leave their positions for the last Christmas session.

Following the euphoria of lower US prices on Tuesday, the ADA price was strongly rejected when it attempted to test the red descending trend on its chart. The decline led to a fall in prices that continued last Friday.

Therefore ADA cannot withstand the current market turmoil. Also, the fact that it is off the landing line again means that hope for a break is fading.

Retailers may be looking to get out of their stockpiles after Christmas, which will lead to sales next week. This selloff will bring ADA value down to $0.194.

ADA is trading at $0.2639 at reporting time after the price fell 1.49% in the last 24 hours according to crypto market monitoring website, CoinMarketCap. The altcoin also decreased against Bitcoin (BTC) and Ethereum (ETH) by 1.36% and 0.93% respectively.

The daily RSI on the ADA chart suggests that the ADA price will break below the current 3-day support. This bearish news is also supported by the fact that the 9 day EMA is trading below the 20 day EMA mark.

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