Cardano (ADA) Price Analysis (May 9)
• Cardano is going in favor of the bulls now, prices are trading above EMA-50
• Staying above EMA-50 can lead to strong growth for ADAUSD.
ADA/USD Medium-term Trend: Bullish
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.02, $0.01, $0.009
Cardano is in an uptrend in its medium-term outlook. The momentum as seen from the daily chart is starting to turn undeniably bullish. The formation of the bullish spinning top suggests that the bulls are making in-road to the market at a high of $0.054 and closes at $0.052 in the resistance area during yesterday’s session.
Today’s daily session at $0.051 in the resistance area is bullish. The coin pushes further up at $0.052 shortly after today’s opening.
Price of ADAUSD is initially up now at $0.052 above the two EMAs indicates the price of the crypto is in an uptrend.
The stochastic oscillator signal pointing up at around level 80% in the overbought region suggests that buyers may continue to dictate the conditions of the market in the future in the medium-term perspective.
Hence, buyers may put in their aggressive orders in key areas.
ADA/USD Short-term Trend: Bullish
The momentum on the short-term time frame is also distinctly bullish. It seems the bulls are taking over and push us higher.
Today’s 4-hour bullish candle at $0.051 in the resistance area confirms the bulls' dominance.
The journey to the top continues and pushes the cryptocurrency up at $0.07848 and later at $ 0.052 in the resistance area.
With the Price above the two EMAs and the stochastic oscillator signal pointing up at around level 72% in the overbought region suggests an upward momentum in the price of ADAUSD price in the short-term. Likewise, the buyers may remain dominant in the market in the nearby days.
Thus, sellers’ brief relief.
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.