Cardano (ADA) Price Analysis for May 9


Bears remain more powerful than bulls, according to the CoinMarketCap ranking.

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The rate of Cardano (ADA) has declined by almost 3% since yesterday.

Image by TradingView

Despite today’s decline, Cardano (ADA) keeps looking bearish on the local chart as the price is on its way to the support at $0.3610. If the breakout of it happens, the drop may lead to the test of the $0.35 zone tomorrow.

Image by TradingView

A similar picture can be seen on the daily time frame as the rate is about to fix below the vital support at $0.3614. In this case, traders may expect a more profound decline to $0.33-$0.34 as quite a lot of energy has been accumulated for such a move.

Image by TradingView

Meanwhile, neither bulls nor bears have seized the initiative on the daily chart against Bitcoin (BTC). At the moment, one should pay attention to the level at 0.000013. If the breakout of it happens, the fall may continue to the 0.00001250 zone.

ADA is trading at $0.3627 at press time.