Cardano Price Analysis: Will $0.426 Support Hold Amid Persistent Correction

Sahil Mahadik
Updated
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Cardano price

Highlights

  • The $0.426 floor remains an active accumulation trend for ADA buyers.
  • The Cardano coin trading below the daily EMAs (20, 50, 100, and 200) indicates the path to least resistance is down.
  • The intraday trading volume in the ADA coin is $335.6 Million, indicating a 102% gain.

Cardano Price Prediction: With Bitcoin price consolidation above $60,000 support, the altcoin market is struggling to gain enough momentum for a bullish recovery. Despite the broader market correction, Cardano has seen increased demand pressure at $0.426, preventing further decline. The coin price has rebounded from this support multiple times within a month, indicating active accumulation by buyers at this discounted price. However, what if the ADA loses this support?

Also Read: Cardano Founder Charles Hoskinson Reveals Why Crypto Matters In Choosing Next US President

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Cardano Price Prediction: Key Levels to Watch in May 

BINANCE:ADAUSDT Chart
Cardano Price Prediction| Tradingview

The Cardano price has been under a correction trend for the past two months now. The bearish walk tumbled the altcoin from $0.81 to $0.426 support, registering a loss of $47.5. With the $0.426 floor heavily guarded by buyers, the ADA coin has recently changed its price trajectory sideways.

With Bitcoin hovering above $60000, most of the major altcoins, including Cardano have showcased heightened volatility. The ADA price for over two weeks has been consolidated within a narrow range of $0.476 and $0.42.

An analysis of the daily chart shows the 20 EMA slope has acted as a dynamic resistance for crypto buyers. Since late March every bullish bounce in ADA price witnessed heavy supply pressure at this EMA.

Currently, the Cardano coin trades at $0.44 showcasing an intraday gain of 1.4%. If the renewed recovery extends another 3.5%, the coin buyers will again face the 20-day EMA at $0.46. This overhead supply and recent death (Bearish) crossover between the 50-and-200-day will bolster sellers to breach the bottom support.

A successful breakdown below the $0.426 support will lead the correction trend to $0.4, followed by $0.37.

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Technical Indicator:

  • Relative Strength Index: The higher low formation in the daily RSI slope as the ADA price hovers above $0.426 indicates the increasing buying pressure at this slope.
  • Exponential Moving Average: A possible breakout from the 20-day EMA slope will be an early sign of trend reversal.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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