Past Performance of Cardano
ADA prices are down eight percent at spot rates following high volatility on May 4 and 5. While the crypto market unexpectedly dumped yesterday, ADA bulls stand a slight chance. Prices are still within the May 4 bullish bar, a bullish development from a technical perspective. Still, whether ADA will recover depends on if buyers can sustain prices above this week’s lows of $0.75.

Cardano Technical Analysis
From an effort versus results perspective, ADA bulls surprisingly have the upper hand–at least as price action stands. Even though trading volumes are significantly higher on May 5, prices are inside the bullish engulfing bar of May 4. As a result, buyers may buy the correction only if prices are above the immediate support at $0.75. A recovery may see ADA prices float to this week’s highs of $0.90, breaking above the multi-week resistance line marked by the 20-day moving average. In this case, ADA may rally to April 2022 highs of $1.20. Conversely, losses below $0.75 offer an opportunity for sellers to add to their shorts, targeting new 2022 lows of around $0.70—or worse.

What to Expect from #ADA?
ADA prices are dangling at around 2022 lows. A recovery prints a double bottom , a lifeline for buyers who expect prices to float higher towards $1. However, if ADA slips, it could fall to register new 2022 lows.
Resistance level to watch out for: $0.90
Support level to watch out for: $0.60

Disclaimer: Opinions expressed are not investment advice. Do your research.