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Cardano (ADA) Price Analysis for May 12


u.today 12 May 2022 17:36, UTC
  
Reading time: ~2 m

The rates of cryptocurrencies keep going down with no reversal signals so far.

Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the drop of the whole market, declining by 24.25%.

ADA/USD chart by Trading View

On the local time frame, the price has broken the support level at $0.4727 and is trying to fix above it. If bulls manage to do that, the rise may continue to the area around $0.50 shortly.

ADA/USD chart by Trading View

On the daily chart, Cardano (ADA) has made a false breakout of yesterday's low at $0.4727. If the daily candle closes above it, and the trading volume remains high, there is a chance to see short-term growth to the recently formed mirror level at $0.5833.

ADA/USD chart by Trading View

On the weekly time frame, the price has bounced off the mirror level at $0.3974.

If buyers can hold this level until the end of the week, there is a chance to see a correction to the $0.60 mark within the next few weeks.

ADA is trading at $0.4947 at press time.


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