Cardano Price Analysis & Prediction (May 4th) – ADA Faces Key Support After Restarting Bearish, Will it Hold?

2023-5-5 08:43

Cardano fell from a vital resistance level in mid-April after witnessing a steady increase for a month. It has found temporal support, but there’s not enough volatility to initiate a buy. The support may collapse soon.

The price of ADA has been on the rise since the start of the year but the past weeks of drops have subjected the trend to a retracement movement.

It failed to push above the $0.42 level during last week’s recovery. That level eventually stopped buying pressure and the price fell back to the price level it recovered from recently. The sellers are poised for more gains.

Considering, the ascending channel pattern forming on the daily chart, ADA is still trying to connect the lower boundary for support. Although it has encountered support at $0.377 for the past two weeks. A break below at that support should trigger more sell actions.

If the price slips to the channel’s lower boundary, we can expect the price to remain calm for a while before initiating a fresh buy. However, if the price collapses below the channel, ADA is likely to witness a bigger price movement towards $0.3 and $0.25.

The price has been consolidating for the past three with no signs of recovery. The daily volume indicator is on the low, suggesting that sellers are still present. We can expect a price recovery as soon as the volume starts to increase.

Cardano’s Key Levels to Watch Source: Tradingview

Below the $0.376 support level, the lower level to watch for a rebound is $0.357. If that level fails to contain selling pressure, the $0.34 level would be the next support to watch out for.

In case of a push, the immediate resistance level to keep in mind is $0.4. More recovery could make the price to reclaim the $0.42 and $0.44 resistance levels, respectively.

Key Resistance Levels: $0.4, $0.42, $0.44

Key Support Levels: $0.376, $0.357, $0.34

Spot Price: $0.384 Trend: Bearish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: Photo by Traxer on Unsplash // Image Effects by Colorcinch

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