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InsideBitcoins

05/21/2023

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Cardano Price Prediction for Today, May 21: ADA/USD Bracing for Further Decline Below $0.360

Join Our Telegram channel to stay up to date on breaking news coverageThe Cardano price prediction shows that ADA may be facing another bearish run to the support level of $0.350. Cardano Prediction...

Cardano Price Prediction for Today, May 21: ADA/USD Bracing for Further Decline Below $0.360

Cardano Price Prediction for Today, May 21: ADA/USD Bracing for Further Decline Below $0.360

Cardano Price Prediction for Today, May 21: ADA/USD Bracing for Further Decline Below $0.360

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The Cardano price prediction shows that ADA may be facing another bearish run to the support level of $0.350.

Cardano Prediction Statistics Data:

  • Cardano price now – $0.360
  • Cardano market cap – $12.5 billion
  • Cardano circulating supply – 34.8 billion
  • Cardano total supply – 35.8 billion
  • Cardano Coinmarketcap ranking – #7

ADA/USD Market

Key Levels:

Resistance levels: $0.450, $0.470, $0.490

Support levels: $0.300, $0.280, $0.260

Cardano Price Prediction for Today, May 21: ADA/USD Bracing for Further Decline Below $0.360
ADAUSD – Daily Chart

ADA/USD is trading below the 9-day and 21-day moving averages as the coin could slide to the downside. However, the traders could see that bears are stepping back into the market and the Cardano price is likely to lose momentum below the lower boundary of the channel.

Cardano Price Prediction: ADA/USD Might be Down Right Now

At the time of writing this, the Cardano price is moving sideways as the coin the bears continue to take charge of the market. Meanwhile, a bullish cross above the 9-day and 21-day moving averages is needed for the coin to correct the immediate bearish pressure and take the coin back on the recovery trend. Once it is out of the way, the upside is likely to gain traction with the next focus at the resistance levels of $0.450, $0.470, and $0.490.

However, on the downside, once the support level of $0.350 is broken, the sell-off could gain traction with the next focus at the nearest support level of $0.340, which could be followed by the nearest support level of $0.320. Therefore, if these levels are broken, the downside pressure may increase and the next supports could be located at $0.300, $0.280, and $0.260 while the technical indicator Relative Strength Index (14) moves below the 40-level.

Against Bitcoin, the Cardano (ADA) is range-bounding as revealed by the technical indicator Relative Strength Index (14). The coin continues to move below 9-day and 21-day moving averages and a low swing could bring ADA/BTC to the support level of 1200 SAT and below.

ADABTC – Daily Chart

On the other hand, a rebound may occur if the buyers could push the coin toward the upper boundary of the channel which may cause the coin to hit the potential resistance level of 1550 SAT and above.

Alternatives to Cardano

The Cardano price is moving sideways as the bears move to return to the market. However, a positive movement toward the upper boundary of the channel is needed to correct the immediate bearish pressure and take the coin back on the recovery trend. On the downside, the support level of $0.350 is likely to be broken, once this is done, the sell-off could gain traction with the next focus at the nearest support level of $0.320. Nevertheless, the presale for the AiDoge (AI) token is selling fast, and about $12 million has been raised so far. Traders are therefore encouraged to act fast before the expiration of the presale.

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Author

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management. Azeez provides daily articles covering the price movements of major cryptocurrencies., and has contributed to a range of respected publications and trading magazines. Find his other published work on Learn2.trade, and…

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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