Cardano Price Analysis — May 20
As projected in my previous analysis, Cardano continues to record with a sideways bias between $0.600 - $0.500 as the crypto winter commences.
Currently, the cryptocurrency is on the verge of breaching the $0.500 support as the equities market resumed its downward spiral on Friday. A breach of the $0.500 support level could accelerate a retrace to the channel midpoint at $0.400, as bears keep their foot on the pedal.
That said, the possibility of a bullish turnaround or momentum in the near to medium term remains bleak as more central banks (like the ECB) adopt hawkish policy outlooks to curb rising global inflation.
Meanwhile, our resistance levels are $0.600, $0.700, and $0.800, and our support levels are $0.500, $0.400, and $0.300.
Total Market Capitalization: $1.24 trillion
Cardano Market Capitalization: $17.1 billion
Cardano Dominance: 1.38%
Market Rank: #8
Currently, the cryptocurrency is on the verge of breaching the $0.500 support as the equities market resumed its downward spiral on Friday. A breach of the $0.500 support level could accelerate a retrace to the channel midpoint at $0.400, as bears keep their foot on the pedal.
That said, the possibility of a bullish turnaround or momentum in the near to medium term remains bleak as more central banks (like the ECB) adopt hawkish policy outlooks to curb rising global inflation.
Meanwhile, our resistance levels are $0.600, $0.700, and $0.800, and our support levels are $0.500, $0.400, and $0.300.
Total Market Capitalization: $1.24 trillion
Cardano Market Capitalization: $17.1 billion
Cardano Dominance: 1.38%
Market Rank: #8
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