Cardano

Date: Mon, Dec 09, 2024, 11:30 AM GMTThe cryptocurrency market kicks off the new week with a noticeable correction, as Bitcoin (BTC) fell by 1.33%, settling just above the $98,000 mark. This dip has triggered a broader market decline, pulling major altcoins into the red after a month of impressive gains.Among the hardest hit are XRP and Cardano (ADA), each posting over a 7% and 8% loss today respectively. This correction comes on the heels of remarkable rallies, with XRP soaring over 300% and ADA climbing more than 150% in the last 30 days.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0a6615f0b76c4c54b8a27ab52d141d75.png" />Source: Coinmarketcap<h2 id="header-0">Xrp (XRP)</h2>XRP, which has been consolidating within a falling wedge pattern, has seen its price retreat from a recent high of $2.9. Earlier in the day, XRP tested its minor support level at $2.33, briefly bouncing back to current price of $2.38.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4a3644538a3d48ccbe4ccfb6a5022fcb.png" />This support level is crucial for XRP&#39;s short-term prospects, as holding above it could propel the price toward its next resistance level of $2.50.If XRP fails to maintain this level, it may revisit the $2.25 mark, which serves as a stronger support within the wedge pattern.<h2 id="header-1">Cardano (ADA)</h2>Cardano (ADA) has faced a sharper decline, breaking below its major support trendline at $1.20, which had been a key support trendlinthroughout its recent rally. The breach has resulted in ADA dropping to $1.11 today, which is a minor key support zone.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f348c5eee1744715a2704026bf0235e8.png" />If ADA stabilizes here, it could recover toward $1.20, which now acts as a resistance level.However, if this support fails, the price could slide further to $1.05 or even $0.97 if bearish sentiment continues to dominate.<h2 id="header-2">What To Expect Ahead?</h2>Both XRP and ADA are at pivotal points in their respective corrections. While the long-term bullish outlook remains intact for both tokens, their short-term movements will depend heavily on their ability to hold key support levels.XRP&#39;s $2.33 and ADA&#39;s $1.10 to $1.11 are the immediate levels to watch, as their loss could lead to further declines. On the flip side, a strong bounce from these levels might signal the start of a recovery, allowing them to regain lost momentum.As the market adjusts after a month-long rally, investors should prepare for potential correction.Disclaimer: This article is intended for informational purposes only and does not provide financial advice. Always conduct your own research and consult with a financial professional before making investment decisions.Also Read: <a href="https://coinsprobe.com/beam-beam-gains-momentum-ahead-of-mega-breakout-is-a-bullish-rally-on-horizon/" rel="noopener noreferrer nofollow">Beam (BEAM) Gains Momentum Ahead Of Mega Breakout: Is A Bullish Rally On Horizon?</a>

XRP and ADA Marked Significant Decline Amid Correction: What To Expect Ahead?

Table of Contents

CoinsProbe

Other articles published on Dec 9, 2024

5 Altcoins to Get into as the Market Enters One of the Biggest Bull Runs Ever

Solanta Claus: Bringing the Heat to the Holidays

SilentSwap Launches to Redefine Privacy and Security in Decentralized Finance (9 Dec)

What Are Target Prices for XRP, RUNE, and ETH?

Riot Platforms Announces $500M Fundraising to Accelerate BTC Acquisition

$TICS Presale Soars With 300M Tokens Sold While VeChain Secures Supply Chains and Algorand Speeds...

Join our free newsletter for daily crypto updates!