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.
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