Cardano (ADA) Price Analysis for May 12
The rates of cryptocurrencies keep going down with no reversal signals so far.
Cardano (ADA) has followed the drop of the whole market, declining by 24.25%.
On the local time frame, the price has broken the support level at $0.4727 and is trying to fix above it. If bulls manage to do that, the rise may continue to the area around $0.50 shortly.
On the daily chart, Cardano (ADA) has made a false breakout of yesterday's low at $0.4727. If the daily candle closes above it, and the trading volume remains high, there is a chance to see short-term growth to the recently formed mirror level at $0.5833.
On the weekly time frame, the price has bounced off the mirror level at $0.3974.
If buyers can hold this level until the end of the week, there is a chance to see a correction to the $0.60 mark within the next few weeks.
ADA is trading at $0.4947 at press time.Source