We will wait for the price to find support and indicate a resumption of the uptrend before suggesting a long position once again.
If successful, we anticipate another attempt to push the price towards $300.But, if this support breaks, a fall to the 20-day EMA is probable.
Profit booking has dragged the price below the support at $0.37835.
The bulls are attempting to hold the price above the 20-day EMA.The zone between the 20-day EMA and $0.33108 is likely to act as a strong support.
The price has dipped to the 20-day EMA, which is likely to act as a support.
We will wait for the price to bounce off the support line of the channel before proposing a trade in it because a breakdown of the channel will turn the trend in favor of the bears.
The price can now correct to the moving averages, which is likely to act as a strong support.
If the price bounces off this support, the bulls will again try to breakout of the overhead resistance.
ADA/USDThough Cardano rallied above $0.094256 on May 15 and 16, it could not close above this level, which was our prerequisite for buying in our previous analysis.
If the support holds, we expect the bulls to attempt to push the price back above $0.094256 once again.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 17
gepubliceerd op May 17, 2019
by Cointele | gepubliceerd op Coinage
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