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.
Related Articles
Recent Posts
- Price Analysis
Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
Dogecoin price has crashed in the past few weeks as it moved into a bear…
- Price Analysis
Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
The Solana price has regained stability above $180 after several volatile weeks. SOL price continues…
- Price Analysis
Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
Ethereum price is gaining renewed attention as analysts highlight what they call the “perfect time…
- Price Analysis
BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
BNB price is showing renewed strength as it attempts to reclaim higher ground toward the…
- Price Analysis
XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…
- Price Analysis
Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…