Cardano Price Analysis – May 26
Cardano gains 12.25% as the market hits the new high above the 9-day and 21-day moving averages.
Resistance levels: $2.2, $2.4, $2.6
Support levels: $1.25, $1.15, $1.05
ADA/USD is crossing above the 9-day and 21-day moving averages, reaching $1.86 and approaching major resistance at $2.0. However, the current price trend also suggests a growth momentum in the coming days. Previously, ADA had been trading below the moving averages at a price of $1.04 to $1.42. The coin is currently moving within the 9-day and 21-day moving averages.
Cardano Price Analysis: Will ADA see a Further Upside?
Looking at the daily chart, if the coin continues to experience an increasing trading volume coupled with a bullish regroup, the Cardano price will continue to correct gain significantly on the upside. If not so, the bear pressure may likely become more severe with several losses. However, the next level of resistance lies at $2.2, $2.4, and $2.6.
On the other hand, ADA/USD may roll back to $1.25, $1.15, and $1.05 support levels if the bears step back into the market. Meanwhile, the Relative Strength Index (14) is currently moving above 50-level which may likely give more bullish signals into the market.
ADA/BTC Market: Price Remains Above the 4000 SAT
Against BTC, the market is seen to be moving above the 9-day and 21-day moving average and within the ascending wedge channel where the price is yet to break out of the channel. After touching the 4554 SAT, the coin is seen dropping to 4473 SAT where it is trading currently. More so, any further bullish movement may likely push it to the nearest resistance level at 5000 SAT and above.
Meanwhile, if ADA price crosses below the 9-day and 21-day moving averages, the coin is expected to reach the support at 3500 SAT and 3000 SAT price levels. However, the technical indicator Relative Strength Index (14) confirms that the market is following the bullish movement as the signal line is likely to enter into the overbought zone to continue the upward movement.