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Cardano (ADA) Price Prediction for May 18

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Sat, 18/05/2024 - 16:05
Cardano (ADA) Price Prediction for May 18
Cover image via U.Today

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The weekend has started neutrally for the cryptocurrency market, according to CoinMarketCap.

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Top coins by CoinMarketCap

ADA/USD

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

Image by TradingView

On the hourly chart, the rate of ADA has fixed below the local support level of $0.4789. If the situation does not change by the end of the day, the decline may continue to the $0.47 area tomorrow.

Image by TradingView

Bulls could not maintain the rise after yesterday's bullish closure. The volume is low, which means buyers are not ready to seize the initiative yet.

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In this case, there is still a chance of a correction to the $0.46-$0.47 area next week.

Image by TradingView

From the midterm point of view, one should pay attention to the weekly bar closure in terms of the nearest level of $0.4759. If it happens above, the upward move may lead to a test of $0.50 by the end of the month.

ADA is trading at $0.4779 at press time.

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