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Cardano (ADA) Price Analysis for May 12

Price Analysis
Thu, 05/12/2022 - 15:31
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Denys Serhiichuk
Can traders expect a return to the $0.60 mark by Cardano (ADA) next week?
Cardano (ADA) Price Analysis for May 12
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The rates of cryptocurrencies keep going down with no reversal signals so far.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the drop of the whole market, declining by 24.25%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the local time frame, the price has broken the support level at $0.4727 and is trying to fix above it. If bulls manage to do that, the rise may continue to the area around $0.50 shortly.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the daily chart, Cardano (ADA) has made a false breakout of yesterday's low at $0.4727. If the daily candle closes above it, and the trading volume remains high, there is a chance to see short-term growth to the recently formed mirror level at $0.5833.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the weekly time frame, the price has bounced off the mirror level at $0.3974.

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BTC, ETH, XRP, ADA, BNB and LUNA Price Analysis for May 9

If buyers can hold this level until the end of the week, there is a chance to see a correction to the $0.60 mark within the next few weeks.

ADA is trading at $0.4947 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.