Cardano (ADAUSD) Price May Break Up the $1.238 Supply Value

Cardano (ADAUSD) Price Forecast: May 5

ADAUSD price may surge to break up the $1.238 supply value as the bulls are trying to resist the bears and keep the price in an uptrend. However, if the coin price sustains above the pattern supply trend line at $1.190, the price may trigger up to the overhead resistance mark at $1.238 and beyond, strengthening investors’ confidence in the asset.

Key Levels:
Resistance Levels: $0.168, $0.169, $0.170
Support Levels: $0.650, $0.649, $0.648

ADA (USD) Long-term Trend: Bullish (Daily Chart)

The Cardano market is in a bullish trend and may break up the $1.238 supply as the new correction begins above the supply levels in its long-term outlook. The price responded to the shift in the market structure and is currently trading above the moving averages, confirming its bullishness.
The bullish impact on the crypto to the $0.729 high mark in the previous action has sustained its firmness above the supply levels.

Today, the bulls made an upward move to the $0.714 high value slightly above the moving average lines as the daily chart opens. The ADAUSD market looks promising as the bulls remain dominant.

Therefore, an increase in buying pressure may break up the $1.166 previous resistance and drive the token price toward the upper level.

In addition, the market price of Cardano is pointing up on the daily signal, suggesting that the momentum in the coin price might remain and continue in an upward move.

In light of this, the next jump by the bulls could break up the $1.190 to reach a $1.238 upper resistance level in the days ahead in its higher time frame.

ADA (USD) Medium-term Trend: Bullish (4H Chart)

In the medium term, the market price of ADAUSD is in the bullish market zone due to the high inflows from the buy traders and may break up its previous high. So, it seems that the bulls are about to take over and push us higher.
The crypto’s resistance value at $0.702 in the last session has sustained the upward strength in its recent high.

Earlier today, the Cardano buyers responded to the market after a series of low-dips at the $0.694 support value and made a correction to the $0.705 high level above the EMA-50, indicating that the bulls are returning gradually for an increase in the coin price and to command the ADAUSD’s price actions.

Thus, a possible breakout from the current retracement at the $0.705 neckline will accelerate the buying momentum and push the prices to break up at the $0.745 previous resistance, as it experiences a remarkable surge.

Meanwhile, further upsides are likely as the price signal is pointing upwards, suggesting that the upward rally might continue to break up the $0.745 resistance value and extend to the $1.238 upper resistance value in the coming days in its medium-term outlook.

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