CARDANO (ADA-USD)

A bullish outlook is seen in the last 24hrs, this is buttressed by the 7 day MA that is seen above the 21-day MA thus indicating a bullish signal.

The RSI is generally seen above the 50 levels reflecting a strong buying pressure. The price of the digital asset began the day trading at $0.086 as at 09:00 on May 27th where traders pushed the price rally up to $0.0895. 

Around 16:00 on May 27th, the bears attempted to push the price rally further down to close at $0.087 but they failed to maintain downwards price rally due to more bullish pressure that later resulted to upward price rally that closed at $0.0916 as at 23:00.

More bearish pressure is then encountered at around 0000h on May 28th where traders shifted the price performance further down to $0.0882. ADA price shows improvement since it is up by 2.45%, this may be due to the faster and simplest transaction Cardano offers.

FORECAST

The 21-day MA is almost crossing over the 7 day MA during the last hour; this shows the possibility of a continuous bearish market rally in the next few hours.

The RSI is also heading south indicating a decline in a price rally. New resistance level should be set at $0.09.

A bearish outlook is seen in the last 24hrs where a bearish regular divergence pattern is signaled simultaneously.

The moving averages are intertwining reflecting a sideways price movement. The digital asset began the day trading at $34.7549 (A), later on, traders pushed the price down and with the presence of a bearish accumulation pattern the price further dip to a low of $33.0075 (B).

The significant levels being placed at $33.44, as a support level (S) and $33.38, as resistance level (R), they were tested severally and further breached past resistance level. Buying pressure is observed at around 28th May from 0000h to 03:00 that was reflected by the RSI that is seen above 50 levels at that period of time.

A massive decline later followed due to strong selling pressure that placed the digital asset to its current price $33.3303.

A decrease in price may be due to the lack of confidence in BNB coin by investors, which is resulted in the recent incident when the Binance exchange was hacked.

FORECAST

The 21-day MA crossed over the 7 day MA during the last 3hours indicating a bearish signal. The RSI is also heading south thus reflecting further price decline.

New target should be set at $33.3158 and stop-loss to be set slightly below or above the target in case of a breakout or break down.

The post Cardano (ADA) And Binance Coin (BNB) Price Analysis And Forecast appeared first on ZyCrypto.

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