Cardano (ADA) Price Analysis (May 2)
• The cryptocurrency is in an ascending channel.
• The price is in a strong resistance zone.
ADA/USD Medium-term Trend: Bullish
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.02, $0.01, $0.009
ADAUSD looks tasty for bulls in the medium-term outlook. The bear's gradual return changes the trend of ADAUSD to a downside briefly as the session begins today.
$0.05 in the support area opens today’s daily session as the sellers remain dominant as at the present.
The cryptocurrency is down initially at $0.04 in the support area; with the price trading above the two EMAs suggests an upward momentum in the price of Cardano.
The stochastic oscillator signal is pointing down at 78% an indication of downward momentum in price, and the sellers may continue to dictate the market direction in the future in the medium-term.
Hence, buyers’ relief.
ADA/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook.
The cryptocurrency is in an ascending channel, with a bearish candle at $0.05 in the support area as the 4-hourly session opens today.
The formation of a doji candle today at $0.04 in the resistance area affirms the bullish trend reversal.
The price is above the two EMAs and the formation of an inverted pin bar indicates there is likely to be a reversal in the price of Cardano.
The stochastic oscillator signals downwards at level 43% in the oversold region implies buyers are beginning to take over the market in the short-term.
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.