Cardano (ADA) Price Analysis – May 26
A few hours ago, Cardano market has witnessed a positive shake which has revealed against the Dollar market after breaking up the wedge. Against the BTC, Cardano is yet to see a bullish spike as trading maintains a bearish scenario. Currently, the market is up by 7% with a market cap valuation of $2.11 billion.
Resistance levels: $0.09, $0.095
Support levels: $0.08, $0.075
Cardano finally broke up after trading in the descending wedge for over a week. The bulls appeared to be walking in the market as they saw the $0.087 in just a few hours. From the RSI, the cross over the 50 level signaled a bullish move. The bullish momentum may further see the $0.09 and the $0.095 resistances.
If ADA market falls, however, the sellers may locate a supports at the $0.08 and the $0.075, within the trend line. On the Stochastic RSI, the token is closing the overbought zone as the buying pressure may soon be exhausted, perhaps after testing the immediate resistance level.
The cryptocurrency is now trading at $0.087 with a bullish sign which would be more reveal in the future.
Against Bitcoin, Cardano market is still intact in the descending wedge as price currently attempted to surge up the price. For now, the bears are still in the control of the market. If the price surges above the wedge, we can the market at a quick resistance of 1180SAT before retracing.
Furthermore, the buyers may further push the price to 1180SAT and above. By then, the market would have turned bullish. We can see on the 4-hours RSI that the 50 level is still holding the bulls. A breach may lead to a bullish move for the market.
Below the wedge, the market may find support around the 900SATand below. As of the time of writing, the ADA market is still following a bearish scenario.
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