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Cardano (ADA) Price Analysis for May 16

Tue, 05/16/2023 - 16:10
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Denys Serhiichuk
How long is correction of Cardano (ADA) going to last?
Cardano (ADA) Price Analysis for May 16
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Bears have almost fully seized the initiative as all of the top 10 coins are in the red zone again.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap


The rate of Cardano (ADA) has fallen by 1% over the last 24 hours.

ADA/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Cardano (ADA) has bounced off the local support at $0.3638. If buyers can hold the gained initiative, the rise may continue to the resistance at $0.3692. Such a scenario is relevant until tomorrow.

ADA/USD chart by TradingView

Image by TradingView

On the daily time frame, the price of Cardano (ADA) keeps trading sideways, accumulating energy for a further sharp move. If bulls want to return the altcoin to the midterm rise, they need to fix above the important zone of $0.37. Only in that case is there a possibility to see a resistance breakout.

ADA/BTC chart by Trading View

Image by TradingView

A similar picture can be seen on the daily chart against Bitcoin (BTC) as neither buyers nor sellers have seized the initiative yet. In this case, ongoing consolidation in the area of 0.00001340-0.00001380 is the more likely scenario until the end of the month.

ADA is trading at $0.3661 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