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    Home » Price Analysis » Cardano Price Analysis: ADA Facing May’s Low, Will It Prevent a Further Decline?

    Cardano Price Analysis: ADA Facing May’s Low, Will It Prevent a Further Decline?

    Author: Duo Nine

    Last Updated May 29, 2022 @ 10:47

    ADA has dropped over the weekend to retest the previous lows recorded in early May. Cardano’s native token is now at a critical point.

    Key Support levels: $0.39 

    Key Resistance levels: $0.50, $0.60

    Following the ongoing negative sentiment, ADA failed to stop the downtrend as the bears pushed the price closer to the next key support at $0.39. On the other hand, the first major resistance is found at $0.50, and a possible reversal will occur if this level gets reclaimed.

    ADAUSDT_2022-05-29_12-20-00
    Chart by TradingView

    Technical Indicators

    Trading Volume: Yesterday, the daily candle closed in green and gave some hope that ADA might see a local bottom. However, so far today, there was no continuation, and all eyes are on Monday now.

    RSI: The daily RSI is flat and hovers just above the oversold area of 30 points. The bias is bearish as long as it cannot break above 50 points.

    MACD: The daily MACD is bullish and is the only indicator that spreads some optimism that maybe the worst is behind us and ADA could recover from these levels.

    ADAUSDT_2022-05-29_12-19-42
    Chart by TradingView

    Bias

    The bias for ADA is bearish. If the price moves above $0.50, this bias should be reconsidered.

    Short-Term Prediction for ADA Price

    ADA is in a challenging position, with levels that have not been seen since February 2021. If demand does not return soon to the market, the outlook remains bearish, and ADA could plunge much lower.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Cardano (ADA) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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