Cardano Price Analysis - May 17

  • The bears are still in control of the medium-term while the short-term returns to the ranges.
  • Patiently wait for a breakout from the range or breakdown before taking a position.

Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bearish

Supply zones: $0.3500, $0.4000, $0.4500

Demand zones: $0.2000, $0.1500, $0.1000

The bearish trend continues in the medium-term for Cardano. The bears' impact kept the price around the $0.2400 demand area after the bulls pushed the price to the $0.2515 supply area. A rejection of an upward price move at the 26 exponential moving averages was seen as the price was pushed back to this demand area for another touch. Likewise, you can see a bounce off at the downward trendline, due to the bears' pressure. The daily candle opened at $0.2480 against yesterday's $0.2538. This connotes more sellers’ presence in the market. The Stochastic Oscillator is in an overbought region and its signal is pointing down. This implies strong downward momentum. More bearish candles are expected to be seen as the downward momentum becomes stronger.

ADAUSD Short-term Trend: Ranging

Cardano, ADAUSD, Cryptocompare chart

Cardano returns to the range in the short-term. The bears' momentum that pushed the price to the $0.2350 demand area twice was lost. This resulted in the formation of the triple bottom at the demand area. The bulls' comeback were strong as they pushed the price to the $0.2600 supply area before the bears came in again. The retest of the $0.2500 predicted yesterday was achieved before the bears came back. Cardano ranges between the upper supply zone at $0.2600 and the lower demand zone at $0.2400. Traders should be patient and allow for a breakout for the upward move or a breakdown of the lower demand range for a downward trend continuation.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research