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Cardano (ADA) Price Prediction for May 22

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Wed, 22/05/2024 - 15:32
Cardano (ADA) Price Prediction for May 22
Cover image via U.Today

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The prices of most of the coins are facing a correction after a sharp price blast, according to CoinMarketCap.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has declined by 4.79% over the last day.

Image by TradingView

On the hourly chart, the price of ADA might have set a local support level of $0.4746. However, there are low chances to expect any sharp moves by the end of the day, as most of the ATR has been passed. 

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In this case, sideways trading around the $0.48 mark is the most likely scenario.

Image by TradingView

On the bigger time frame, the fall continues after yesterday's bearish closure. At the moment, there are no reversal signals yet, which means the drop may lead to the test of $0.46 shortly.

Image by TradingView

From the midterm point of view, the price of ADA has bounced off the $0.50 zone. However, buyers still have time until the end of the week to seize the initiative. If they manage to do that, growth may continue to the resistance of $0.5225.

ADA is trading at $0.48 at press time.

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