Cardano (ADA) Price Analysis (May 16)
• Cardano- upward pressure still dominates both the medium-term and short-term time frames.
• The crypto is well on its way to the resistance level.
ADA/USD Medium-term Trend: Bullish
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.02, $0.01, $0.009
Cardano looks tasty for the bulls here in the medium-term outlook. The sustained bearish pressure at $0.049 in the support area is being exhausted as the bulls take over the market.
The bull’s gradual return into the market as the session opens today at $0.050 returns the crypto back within the range.
ADAUSD now trades at $0.051 in the resistance area above the two EMAs, an indication of an uptrend in the context of the market.
However, the stochastic signal at the overbought region at level 73% suggests the momentum in price may likely encounter a change in trend in the nearby days and in this case, a down trend in the medium-term.
ADA/USD Short-term Trend: Bullish
The coin is in an uptrend in its short-term time frame as we can see from the 4-hourly chart below. The bears drop the price down at $0.050 in the support area before the session closes yesterday.
The 4-hourly session opens today at $0.050 and rises further to $0.051 in the resistance area shortly after the session opens.
The bears in-road briefly drops the price of ADAUSD down to $0.050 in the support area at the time of writing.
With the price above the two EMAs and the stochastic signal up at around level 49% implies the bulls may continue and remain to dictate the crypto’s market in the short-term.
Hence a buy signal.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.