Stellar, Dogecoin, and Cardano Encounter Bearish Trends

• Dogecoin price is seeing strong retest dropping 45% from November highs. The key support levels to watch are $0.2789 and $0.2488.
• Cardano (ADA) faced a 40% loss from November highs but has bounced back, trading above the $0.8656 resistance level.

Towards the end of December 2024, Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA) are undergoing heavy dump in price, following the wider market. There are also similar trends, which were seen in charts as failures to regain highs from November and then drop sharply. Key support and resistance now become important measures for them to move about.

Stellar Price Testing Resistance at 0.3525

Stellar prices had a wild December after the strong November rally. November was Stellar’s best month since 2021, with substantial gains fueling the broader uptrend in the crypto market through 2024. Stellar has not been able to sustain that momentum into December.

After trying to break above its November highs, the XLM token entered into a downtrend. It shed 48% of its value and dropped below the 0.4815 support level, which has been identified as a significant level since mid-December. The price eventually settled near 0.3000 but has bounced up lately.

terminal64
29/12/2024 , 4:58:29 PM
5158530 – ICMarkets-MT5 – Hedge – International Capital Markets Pty Ltd. – [XLMUSD,H4]

Key Levels For XLM Price:

• Resistance: 0.3525
• Support: 0.3000

A breakdown below the 0.3525 level could trigger a further reversal. However, failing to maintain above the 0.3000 support level would see the decline continue.

Dogecoin Price Level To Watch

The price action of Dogecoin has been quite similar to that of Stellar. Following a failure to test the November highs, the asset saw an important drop of more than 45%. A small rebound brought DOGE/USD back to the resistance zone of 0.3203 as of December 30. The meme coin has its trend as bearish for the weekly and monthly timeframes. The critical levels are now dictating what will happen next. Galaxy Research has shared an optimistic forecast, expecting the Dogecoin price to reach $1 in 2025, reported CNF. 

terminal64
29/12/2024 , 7:29:57 PM
5158530 – ICMarkets-MT5 – Hedge – International Capital Markets Pty Ltd. – [DOGUSD.a,Daily]

• Resistance: 0.3203, with a potential retest of 0.3616 if the level is broken.
• Support: If the price cannot hold above 0.3203, possible support levels are 0.2789 and 0.2488.

Cardano Price Recovering Above 0.8656

Cardano’s price also experienced a sharp fall, losing over 40% from its November highs. However, the ADA price has managed to bounce back, trading above the 0.8656 resistance line, per the CNF report. 

The bulls were able to protect the 0.7590 support zone, driving the price higher toward critical resistance. As of December 30, Cardano’s price is at $0.8698, still above 0.8656. With this level of holding, potential targets are on the way.

terminal64
29/12/2024 , 7:33:26 PM
5158530 – ICMarkets-MT5 – Hedge – International Capital Markets Pty Ltd. – [ADAUSD,Daily]

• Resistance: 0.8656, with further targets at 0.9315 and 0.9784.
• Support: If the price action is not maintained above 0.8656, there is a possibility of retracing to 0.7590. If not, then 0.6348 is the next support zone.

To sum it up, important levels to watch are 0.3000 and 0.3525 for Stellar, 0.3203 and 0.3616 for Dogecoin and 0.8656 and 0.9315 for Cardano. The next movements for the year’s close depend on these levels.