Cardano Price Prediction for Today, May 17: ADA May Gear up for Recovery Above $0.60

The Cardano price prediction reveals that ADA may begin to form higher as the bears may soon lose grip over the coin.

Cardano Prediction Statistics Data:

Cardano price now – $0.56
Cardano market cap – $19.2 billion
Cardano circulating supply – 33.7 million
Cardano total supply – 34.2 billion
Cardano Coinmarketcap ranking – #7

ADA/USD Market

Key Levels:

Resistance levels: $0.90, $1.00, $1.10

Support levels: $0.20, $0.15, $0.10

ADA/USD is attempting to cross above the 9-day moving average while the $0.50 support level remains the critical support where the price has been holding for some time now. However, since a few days ago, ADA/USD has been trading below the 9-day and 21-day moving averages and this refrains the coin from touching the resistance level of $0.60.

Cardano Price Prediction: Will Cardano Move Higher?

The Cardano price may begin to rise and could probably cross above the 21-day moving averages if the bulls defend the $0.55 support level. Therefore, any further bullish movement towards the upper boundary of the channel may push the price to the potential resistance levels of $0.90, $1.00, and $1.10.

Nevertheless, this technical Prediction may be invalidated if the bears break below the lower boundary of the channel. and further bearish movement may reach the support levels of $0.20, $0.15, and $0.10. Moreover, the technical indicator Relative Strength Index (14) is moving below the 60-level to give to keep the coin in the next positive direction.

ADA/BTC Market: Price Moves to the Upside

Against Bitcoin, the Cardano price is attempting to cross above the 21-day moving average with a major resistance level of 1880 SAT. The long-term moving averages may likely keep the bullish movement as the market is starting a new trend by crossing above the 21-day moving average.

However, if the buyers could push the price towards the upper boundary of the channel, higher resistance could be located at 2300 SAT and above as the technical indicator Relative Strength Index (14) is moving 40-level, indicating that buyers are coming to play. Moreover, should the bulls fail to move the current market value above the aforementioned barrier, the bears may step back into the market, and the nearest support level could be located at 1500 SAT and below.

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