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 difficulties. However, criticism support and resistance zones could play a central role in determining the next move of these cryptocurrencies. The accompanying charts for each coin indicate a similar pattern of performance, with failed attempts to retest November highs followed by substantial pullbacks. Below, we analyze key technical levels and their suggestions for each asset’s long-term outlook.
Stellar (XLM/USD): attempts to recover 0.3525
Stellar’s price action in December got off to a rocky start. After a strong performance in November, which marked the best month since 2021 and the most significant surge in the 2024 crypto rally, Stellar (XLM) attempted to push higher but failed to reach November highs. As highlighted in our December 12 analysis, the 0.4815 support area, just below the November closing level, was key to watch.
Since the failed attempt, the price has been in a downward trend, losing over 48% and falling just above the 0.3000 support line. As of December 29, 2024, the price has slightly rebounded to the resistance level of 0.3525, but the direction remains uncertain.
Key factors to consider
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The monthly chart shows a loss of around 50% of November’s gains, indicating the continuation of a long-term downtrend.
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The resistance line at 0.3525 is critical; if the Bulls fail to defend this level, further declines could follow.
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A break above 0.3525 could signal a potential recovery, while failure to hold above the 0.3000 support could send the price lower.
Stellar projected critical level at 04815 on December 12, 2024
Stellar Price chart updated December 29, 2024
Dogecoin (DOG/USD): a parallel downtrend and a key resistance zone
Dogecoin (DOG/USD) mirrored Stellar’s price behavior, with a failed retest of November highs followed by a decline of over 45%. The price has since rebounded, with DOG/USD rising to the 0.3203 area on December 29, 2024. This area could be crucial in determining whether the market will see a continued recovery or face a new drop.
Key factors to consider
- The broader trend, both on the weekly and monthly time frames, 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 area is possible.
- However, if DOG/USD fails to hold above 0.3203, the Bears could regain control, potentially pushing the price towards 0.2789 and 0.2488.
Dogecoin Price Chart December 29, 2024
Cardano (ADA/USD): Struggling to Maintain Momentum
Cardano (ADA/USD) followed a similar path to Dogecoin, with a significant decline of over 40% from November highs. However, ADA recently moved back above the resistance line of 0.8656, showing signs of strength on December 29, 2024.
Key factors to consider
- The December decline was tough, but recent price action shows that the bulls managed to hold the 0.7590 area and push prices above 0.8656.
- Maintaining price action above 0.8656 is essential for ADA to make further gains and improve its chances of recovery.
- If 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 area, with the support level of 0.6348 as the next target.
Cardano Price Chart December 29, 2024
Bottom line: Monitor key levels for potential reversal or further decline
As 2024 draws to a close, Stellar, Dogecoin, and Cardano have all seen significant corrections, reflecting broader market weakness. However, these cryptocurrencies find themselves at a critical juncture, with key support and resistance levels in play that could determine their future trajectory. Bulls must defend these levels to ensure potential rallies, while bears can 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 areas for Stellar, the 0.3203 and 0.3616 areas for Dogecoin, and the 0.8656 and 0.9315 levels for Cardano to better assess the next possible developments of these assets.