- Stellar (XLM/USD), Dogecoin (DOGE/USD), and Cardano (ADA/USD) have faced significant price corrections in late December 2024, reflecting broader market struggles
- Key support and resistance levels could determine the next move for these cryptocurrencies
- Traders should watch the following levels closely: 0.3000 and 0.3525 for Stellar, 0.3203 and 0.3616 for Dogecoin, and 0.8656 and 0.9315 for Cardano
As the year 2024 draws to a close, three popular cryptocurrencies, namely Stellar (XLM/USD), Dogecoin (DOG/USD), and Cardano (ADA/USD), are undergoing significant price corrections. This trend mirrors the broader market struggles that have been prominent in the crypto-world recently.
Stellar (XLM/USD) Struggles to Reclaim Key Resistance Level:
Stellar’s performance in December 2024 had a rocky start despite a strong showing in November, which marked the best month since 2021 and the most significant surge of the 2024 crypto rally. Stellar attempted to push higher but failed to reach the November highs. This failure led to a downtrend, leading to a loss of over 48% and causing the price to drop 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.
Dogecoin (DOG/USD) Parallel Downtrend and Key Resistance Zone:
Dogecoin’s price behavior has mirrored Stellar’s, with a failed retest of November highs followed by a drop of over 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.
Cardano (ADA/USD) Struggling to Maintain Momentum:
Cardano 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.
Conclusion
As 2024 comes to a close, Stellar, Dogecoin, and Cardano have all experienced significant corrections, mirroring broader market weakness. These cryptocurrencies are at a critical juncture with key support and resistance levels in play that could determine their future trajectory. Traders and investors should keep a close eye on these levels to better gauge the next possible moves in these assets.
