ADA Price Analysis – May 24
In case bulls’ momentum increase, $0.56 level may be broken up, price may increase further to $0.75 and $1.01 resistance levels. Bearish movement may continue towards the support levels at $0.31, and $0.21 provided $0.42 does not hold.
Resistance levels: $0.56, $0.75, $1.01
Support levels: $0.42, $0.31, $0.21
ADA/USD Long-term Trend: Ranging
ADA/USD is on the ranging movement on the daily chart. Cardano was under the control of sellers’ pressure on the daily chart. The price of Cardano has reduced to the low at the support level of $0.42 on 12 May. The just mentioned level holds and the sellers’ pressure could not break down $0.42 level. The bulls’ pressure is equally weak and could not break up the resistance level of $0.56. The price commence a ranging movement within $0.56 and $0.42 levels.
Cardano is trading below the 9 periods EMA and the 21 periods EMA, as an evidence of a downward trend. In case bulls’ momentum increase, $0.56 level may be broken up, price may increase further to $0.75 and $1.01 resistance levels. Bearish movement may continue towards the support levels at $0.31, and $0.21 provided $0.42 does not hold. The technical indicator Relative Strength Index is at 37 levels with the signal line parallel to the level displaying no specific direction.
ADA/USD Medium-term Trend: Ranging
Cardano is on the ranging movement in the 4-hour chart. After the bears took over the Cardano market, the price followed the sellers’ directive and it bottomed at $0.42 level. Both buyers and sellers lose momentum and cardano market is experiencing low volatility. It is currently ranging within the $0.42 and $0.56 levels.
The price is hovering over the two EMAs and the 9 periods EMA and 21 periods EMA are interlocked to each other as an indication of ranging market. The relative strength index period 14 is at 43 levels and the signal line exhibiting buy signal.
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