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Cardano (ADA) Price Analysis for May 30

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Tue, 30/05/2023 - 18:00
Cardano (ADA) Price Analysis for May 30
Cover image via www.tradingview.com

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The prices of coins keep rising; however, there are some exceptions to this.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) is almost unchanged since yesterday.

ADA/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Cardano (ADA) keeps falling after a false breakout of the local resistance at $0.3831. If closure happens near the support at $0.3777, the decline may continue to the $0.37 area shortly.

ADA/USD chart by TradingView

Image by TradingView

A bearish situation can also be seen on the daily time frame as sellers have seized the initiative after a failed attempt to fix above the $0.3846 mark. If that does not happen, one can expect a further correction to the $0.3650-$0.3750 area.

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Such a scenario is relevant until the end of the week.

ADA/USD chart by TradingView

Image by TradingView

On the daily time frame against Bitcoin (BTC), the rate of Cardano (ADA) is trading sideways, accumulating power for a further move. However, if buyers lose the 0.00001350 mark, there is a high chance of seeing a test of the support at 0.00001333 within the next few days.

Cardano (ADA) is trading at $0.3779 at press time.

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