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

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
Cardano Price Prediction: Key Levels to Watch in May
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.
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.
- Robinhood Lists HYPE As Hyperliquid Flips Aster, Lighter In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Forecast: Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card