Cardano (ADA) Price Analysis for May 7

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Bears have become more active on the last day of the week as most of the coins have returned to the red area.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap


The rate of Cardano (ADA) has declined by 2.13% over the last 24 hours.

ADA/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Cardano (ADA) is on the way to the local resistance at $0.3826. If the growth continues, the breakout may lead to a test of the $0.39 area tomorrow.

ADA/USD chart by TradingView

Image by TradingView

The opposite situation is on the daily time frame. Buyers are trying to keep the rate above the $0.38 mark despite sellers’ pressure. If bulls fail to do that, the decline can continue to $0.37.

Such a scenario is relevant until the end of the upcoming week.

ADA/USD chart by TradingView

Image by TradingView

On the weekly chart, the rate of Cardano (ADA) may close below yesterday’s candle low at $0.3761. If it happens, traders can expect a more profound decline to the $0.35 zone.

ADA is trading at $0.3811 at press time.

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