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Cardano (ADA) Price Analysis for May 9

Tue, 05/09/2023 - 16:45
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Denys Serhiichuk
How powerful is Cardano (ADA) against other coins?
Cardano (ADA) Price Analysis for May 9
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Bears remain more powerful than bulls, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap


The rate of Cardano (ADA) has declined by almost 3% since yesterday.

ADA/USD chart by TradingView

Image by TradingView

Despite today's decline, Cardano (ADA) keeps looking bearish on the local chart as the price is on its way to the support at $0.3610. If the breakout of it happens, the drop may lead to the test of the $0.35 zone tomorrow.

ADA/USD chart by TradingView

Image by TradingView

A similar picture can be seen on the daily time frame as the rate is about to fix below the vital support at $0.3614. In this case, traders may expect a more profound decline to $0.33-$0.34 as quite a lot of energy has been accumulated for such a move.

ADA/BTC chart by Trading View

Image by TradingView

Meanwhile, neither bulls nor bears have seized the initiative on the daily chart against Bitcoin (BTC). At the moment, one should pay attention to the level at 0.000013. If the breakout of it happens, the fall may continue to the 0.00001250 zone.

ADA is trading at $0.3627 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