ADA Price Analysis – May 5
ADA/USD slips as the price drops to $0.048. In the coming days, the coin may likely create a new low or recover from slippery.
Resistance levels: $0.060, $0.062, $0.064
Support levels: $0.038, $0.036, $0.034
ADA/USD saw a slight fall beneath the long-term support and touched $0.0482, which is now subject to the price actions around the 9-day moving average at the time that the market opens today. As the bears take charge, the coin is now losing momentum to the lower side of the rising wedge along with a potential price surge.
Meanwhile, the RSI (14) indicator on the daily chart nosedives below 70-level and may continue to issue some sell signals. Looking at the chart, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.038, $0.036, and $0.034 levels. On the upside, the bulls need to push the price above the channel to reach the resistance at $0.060, $0.062, and $0.064 levels.
Against Bitcoin, the market is seen to be trading within the moving averages of 9-day and 21-day where the price is expected to break above or below. Meanwhile, should the price cross down the 21-day moving average, the market may continue to experience a downward trend that could reach the nearest support level of 500 SAT and below.
In other words, if the bulls could manage and push the market above the 9-day and 21-day moving averages within the ascending channel, then, the Cardano (ADA) price may likely reach the resistance levels of 600 SAT and 620 SAT respectively. The bears may fully come into play as the RSI (14) signal line moves below 60-level.
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