Cardano (ADA) Price Analysis – May 11
Today, the 18.50%surge has set a breakout for the ADA/USD market launching the bulls near the $0.08 level. Meanwhile, the ADA/BTC market remains in a bearish scenario; a huge buy attempt could set a breakthrough for the bulls. However, Cardano price may further rise in future trading.
Resistance levels: $0.085, $0.095
Support levels: $0.068, $0.06
The last 24-hours of trading has recorded a positive move for ADA/USD market after surging 18.50%as of the time of writing. The surge has led to a channel break-up as the price actions stay above the $0.07 level. This is a bullish signal for Cardano.
While trading at around $0.075, ADA may retest the break area of $0.068 – $0.07 before resuming bullish on a full ride which is most likely at a near-by resistance of $0.085 level. Furthermore, the sudden price rise was revealed on the 4-hours RSI; now testing the overbought.
If the market retraces and drops below the break area, selling pressure may be supported at $0.06 level. A further drop below this level might resume the bearish control in the market. Currently, the 4-hours MACD is about to cross-over.
Against Bitcoin, Cardano is yet to breakthrough from the bear zone as the market still maintains the diagonal resistance (red line). But as it appeared, the bulls are attempting to change the trend to an upward direction.
If the bulls manage to surge price, a quick resistance lies ahead at the 1200SAT level. In a short time, the 1500SAT resistance and above may be further tested. By then, a green momentum would be revealing. The sharp rise was reflected above the 50 level of the 4-hours RSI.
However, a price rejection may visit the previous support at the 940SAT level. A further bearish rally could set the token on a new low. Meanwhile, the 4-hour MACD is slowly rising from the bearish territory. Crossing over may launch the buyers in the market. For now, the ADA/BTC market follows a bearish sentiment.
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