Cardano price prediction for today, May 8th

adminMay 9, 2024

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Cardano price prediction may lack short- to medium-term support, but further rise in price could lead the coin to the upside.

As the ADA breakout approaches, traders bet $10 million.

Despite a 15% surge in the first three days of May 2024, Cardano (ADA) price has found resistance near $0.45. ADA’s current monthly gain is 7.7%, but this figure may seem insufficient considering the performance of the broader altcoin market.

Cardano prediction statistical data:

Current Cardano price – $0.456
Cardano market cap – $16.2 billion
Cardano Circulating Volume – 35.6 billion
Cardano total supply – 36.8 billion
Cardano Coinmarketcap Ranking – 10th

ADA/USD Market

Main level:

Resistance levels: $0.60, $0.65, $0.70

Support levels: $0.30, $0.25, $0.20

Nonetheless, @ali_charts shared insights with her extensive following of over 61,000 on X (formerly Twitter), emphasizing that while history does not repeat itself exactly, it often reflects familiar patterns. If this applies to Cardano, it would be wise to prepare for what lies ahead, recognizing that the recent price correction could be one of the last opportunities to seize the advantageous buying moment that $ADA offers. — ADAUSD – daily chart

ADA/USD is trading around the $0.456 level, but the coin continues to remain above its 9-day and 21-day moving averages. However, if the bulls push the market price above the moving average, the nearest resistance could be located around $0.50. Additionally, as the market rises, additional resistance can be found near the channel.

Cardano Price Prediction: Cardano (ADA) Could Be on the Rise.

At the time of this writing, traders could see that Cardano price could establish a more bullish trend once the sideways movement ends, which could be noticeable if the 9-day moving average breaks above the 21-day moving average.

Looking at the daily chart, the market could bounce from $0.43 below the moving average, but any bearish move below this barrier could lead to a serious downtrend for the coin. Therefore, the support levels of the coin are $0.30, $0.25, and $0.20 and the resistance levels are $0.60, $0.65, and $0.70 respectively.

ADA/BTC continues to range within the channel.

Compared to Bitcoin, Cardano price is likely to surpass the channel cap following a bullish move. Technically, the coin is likely to continue its current movement as the 9-day moving average is crossing the 21-day moving average, increasing the bullish movement.

Cardano price prediction for today, May 8 - ADA Technical Analysis — ADABTC – Daily Chart

Therefore, if Cardano price falls below the moving average, ADA/BTC may head towards the lower boundary of the channel where it could reach support levels below 560 SAT. However, a bullish move above the channel could allow the market to form a new uptrend, which could reach potential resistance above 920 SAT.

Nonetheless, @ali_charts shared insights with her extensive following of over 61,000 on X (formerly Twitter), emphasizing that while history does not repeat itself exactly, it often reflects familiar patterns. If this applies to Cardano, it would be wise to prepare for what lies ahead, recognizing that the recent price correction could be one of the last opportunities to seize the advantageous buying moment that $ADA offers.

History doesn’t repeat itself, but it often rhymes!
If that’s the case #CardanoWe need to prepare for what’s to come, understanding that the recent price correction may be one of the last dip-buying opportunities. $ADA I will give it to you. pic.twitter.com/wlKs7fNhb8
— Ali (@ali_charts) May 3, 2024

Cardano Alternatives

Cardano price is showing a slight upward trend and is up about 3.17% during today’s European session, currently hovering around the $0.45 resistance level. Despite recent efforts to maintain momentum above the moving average, ADA/USD continues to work towards the upper limit of the trading channel. Meanwhile, amidst this market activity, $DOGEVERSE stands out by offering a unique and unique blockchain experience. The pre-sale of these tokens has already reached its final stages and has already raised an impressive amount of over $13 million. Act quickly as this is your last chance to purchase the token before its official launch.

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