Cardano Price Analysis: ADA/USD Appears Bullish with a Major Support at $1.42

ADA Price Analysis – May 6

The Cardano price draws a probable uptrend as it trades at $1.65 and appears bullish as it is continuously moving upwards.

ADA/USD Market

Key Levels:

Resistance levels: $1.85, $1.90, $1.95

Support levels: $1.25, $1.20, $1.15

ADAUSD – Daily Chart

ADA/USD is facing a bit of price pullback as the market opens today. The technical indicator RSI (14) is moving towards the bullish phase already as the signal line moves above 65-level. If the price path slips below the 9-day and 21-day moving averages, a bearish price move may be anticipated. ADA started a strong rebound journey yesterday and at the time of writing; it has reached as high as $1.70 from $1.48.

What to Expect from Cardano (ADA)

As the Cardano price moves near the upper boundary of the channel, if it decides to stay under the control of bears and slide below the 9-day and 21-day moving averages, the price may likely drop to the nearest supports at $1.25, $1.20, and $1.15. Looking at the upside, the bulls need to push the coin above the channel to reach the potential resistance at $1.85, $1.90, and $1.95 levels.

ADA/BTC Market: Maintains the Upward Movement

Against Bitcoin, the market is seen to be trading above the moving averages where the price is expected to break out above the upper boundary of the channel. Meanwhile, should the price cross above this barrier, the market could experience additional upward trends that may touch the nearest resistance level at 3100 SAT and above.

ADABTC – Daily Chart

However, if the bears could push the market towards the south and it moves below the moving averages, ADA price may reach the support level of 2300 SAT and below. On the contrary, the technical indicator RSI (14) confirms that the market may continue to follow the uptrend as the signal line moves into the overbought region.