Cardano (ADA/USD) Price May Bounce Up at $0.58 Support Level

Updated:

ADA Price Analysis – May 17

Further increase in the bulls’ momentum may break up $0.75 level, price may increase further to $1.01 and $1.26 resistance levels. Bearish movement may continue towards the support levels at $0.58, $0.42 and $0.31 provided $0.75 hold.

ADA/USD Market

Key Levels:

Resistance levels: $0.75, $1.01, $1.26

Support levels: $0.58, $0.42, $0.31

ADA/USD Long-term Trend: Bearish

On the daily chart, ADA/USD is bearish. Cardano was on the bearish movement last two weeks from $0.75 and $0.58 levels. The bears prevailed as more bearish daily candle emerges and broke down the support level at $0.58 and the price declines further. The support level of $0.42 was tested last week. The just mentioned level holds the price, it is currently pulling back trying to break up $0.58 level.

Cardano has crossed the two EMAs downside and it is trading below the 9 periods EMA and the 21 periods EMA, as an evidence of a downward trend. Further increase in the bulls’ momentum may break up $0.75 level, price may increase further to $1.01 and $1.26 resistance levels. Bearish movement may continue towards the support levels at $0.58, $0.42 and $0.31 provided $0.75 hold. The technical indicator Relative Strength Indicator is at 38 levels with the signal line pointing upside which indicate buy signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement in the 4-hour chart. The bears took over the Cardano market after long period of ranging movement. The support level of $0.75 could not hold the price when the bears gained momentum, the price decreases and break down the support level of $0.58 and $0.42 support level was tested. At the moment, it seems the bulls are getting ready to dominate the market.

The price is trading above the 9 periods EMA and 21 periods EMA at close contact as a sign of bullish movement. The relative strength index period 14 is at 54 levels and the signal line exhibiting buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.