ADA Price Analysis – May 25
ADA/USD is seen consolidating around $0.053 after recording a 1.90% loss. Buying pressure may bring the market back above the moving averages.
Resistance levels: $0.060, $0.062, $0.064
Support levels: $0.048, $0.046, $0.042
ADA/USD pair may go bearish if the $0.053 level could no longer hold as critical technical support for the market. A few days ago, Cardano (ADA) recorded a monthly high at $0.059 and the price movement is now caught within a channel pattern on the daily chart. However, the current price momentum has been quite volatile, wherein the improvement in the price becomes very difficult. If there is stability in the coin, then the traders can expect an upsurge in a short time.
However, the Cardano price may likely follow a long-term bullish trend, if the price remains above the 9-day and 21-day moving averages. Now, it appears that the market is about attempting a pullback; if not, the market is expected to sell to close supports at $0.048, $0.046, and $0.044 as the RSI (14) moves below 60-level. More so, if the mentioned supports fail to play out, ADA price could move towards the resistance levels of $0.060, $0.062, and $0.064.
Against Bitcoin, the market is seen to be moving above the 9-day and 21-day moving averages where the price is expected to break out the upper boundary of the channel. Should the price cross above the channel, the market may experience an upward trend that could touch the nearest resistance level of 650 SAT and above.
In other words, a break below the moving averages at 550 SAT may expose the market to long-term supports at 530 SAT and 510 SAT respectively. For now, the RSI (14) indicator confirms that the market is been controlled by the buyers as it moves around 59-level.
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