ADA Price Analysis – May 14
Cardano is down by 0.9% over the last 24 hours. The next support for the coin may likely reach $0.045 level.
Resistance levels: $0.062, $0.064, $0.066
Support levels: $0.042, $0.040, $0.038
ADA/USD has been exhibiting a range-bound trade from $0.046 to $0.051. However, with the lack of intraday momentum, there has been a dip in the trading volume and market cap of ADA. It has been just 2 weeks back when the coin has been following a sideways movement marking a high at $0.057. Presently, it is seen correcting downwards and lacks steady momentum.
Moreover, if the coin can experience an increasing volume coupled with a bullish regroup, ADA/USD may start to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $0.062, $0.064, and $0.066. In the opposite direction, Cardano price may roll back to $0.042, $0.040, and $0.038 support levels if the bears step back into the market.
Meanwhile, the technical indicator stochastic RSI is moving out of the oversold zone which may likely give bullish signals in the nearest term.
Against Bitcoin, the market is seen to be moving below the moving averages of 9-day and 21-day within the channel where the price is expected to break below the lower boundary of the channel. Meanwhile, should the price cross below the trend line, the market may begin a downward movement that could touch the nearest support level of 485 SAT and below.
In other words, if the price begins to rise and crosses above the moving averages, the bulls could signal an upward movement for the market and the price may reach the target resistance level of 585 SAT and above. Meanwhile, the bears may continue with the downward trend as the RSI (14) signal line nosedives to 45-level.
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