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Cardano (ADA) Price Prediction for May 15

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Tue, 14/05/2024 - 12:15
Cardano (ADA) Price Prediction for May 15
Cover image via U.Today

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After a continued fall, the market is still weak, according to CoinMarketCap.

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Top coins by CoinMarketCap

ADA/USD

The price of Cardano (ADA) has declined by 1.06% over the last 24 hours.

Image by TradingView

On the hourly chart, one should pay attention to the daily bar's closure in terms of the local resistance level of $0.4329. If the candle closes near it or above, buyers have a chances to bounce back to the $0.44 zone.

Image by TradingView

Buyers are trying to seize the initiative after yesterday's bearish closure. If they manage to do it and the bar closes around the current prices, traders may witness a test of $0.44 soon. 

Image by TradingView

A less clear picture can be seen on the bigger time frame as neither buyers nor sellers have accumulated energy for a further move. This is confirmed by falling volume.

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In this case, sideways trading in the zone of $0.42-$0.44 is the more likely scenario for the next few weeks.

ADA is trading at $0.4326 at press time.

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