Cardano (ADAUSD) Price Forecast: May 12
ADAUSD price may possibly resume an uptrend to break up the $0.462 supply level soon. A decisive break below $0.240 would bring more losses to the coin. However, a daily candlestick above the mentioned supply level would invalidate any bearish theory. Therefore, if buyers can put more effort into their tension in the market, a shift in the upward trend will be achieved.
Key Levels:
Resistance Levels: $0.400, $0.500, $0.600
Support Levels: $0.250, $0.200, $0.150
ADA (USD) Long-term Trend: Bearish (Daily Chart)
Cardano is bearish in its long-term outlook. The price responded to the shift in the market structure and is currently trading below the moving averages.
The cryptocurrency price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few days.
The coin is recovering from the recent correction as fresh buying emerges near the supply level following the upward race. The cryptocurrency has completed its correction and is now set for an upswing. The bulls have decided to shift the trend up after a series of lows shortly after today’s daily chart opens.
The buy traders pushed the market price of ADAUSD up to the $0.368 resistance value slightly below the two EMAs shortly after today’s daily chart opens. A break above $0.462 would intensify the buying pressure on the crypto.
The market price of Cardano is pointing up in the oversold region; this means that the momentum in the coin price will likely remain and continues in an upward move. We can now expect the next jump by the bulls to reach a $1.00 upper resistance level in the days ahead in its higher time frame.
ADA (USD) Medium-term Trend: Bearish (4H Chart)
The momentum on the medium-term outlook looks bearish but it is starting to turn bullish as can be seen from the chart now. The price of ADAUSD is currently trading at the resistance close to the EMA-9. So it seems likely that the bulls are about to take over and push us higher.
Despite the interactions from the short traders, the bulls caused a rise to a $0.368 high level below the two EMAs shortly after the commencement of the 4-hourly chart opens today.
Thus, buyers must add more pressure to their activities to move the market beyond the current price level.
Meanwhile, the market is pointing up in the oversold region indicating a buy potential. This will now compel the long traders to emerge and push the market price of Cardano up to a significant level of $1.00 upper high level in the days ahead in its medium-term time frame.
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