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Cardano Price Analysis — May 9
ADA resumed its downward trend aggressively on Monday, as the cryptocurrency shaved 10% of its value. The eighth-largest cryptocurrency has now breached the $0.700 floor, extending losses to $0.665, its lowest point since February 2021.
The cryptocurrency is on track to retracing towards the midpoint on my channel highlighted on the daily chart, where the $0.500 level resides. This bearish momentum comes as risky capital markets continue to suffer a massive outflow of investors into safer assets as central banks across the globe become more aggressive with their monetary policies.
Meanwhile, our resistance levels are $0.800, $0.900, and $1.000, and our support levels are $0.600, $0.500, and $0.400.
Total Market Capitalization: $1.51 trillion
Cardano Market Capitalization: $22.3 billion
Cardano Dominance: 1.47%
Market Rank: #8
The cryptocurrency is on track to retracing towards the midpoint on my channel highlighted on the daily chart, where the $0.500 level resides. This bearish momentum comes as risky capital markets continue to suffer a massive outflow of investors into safer assets as central banks across the globe become more aggressive with their monetary policies.
Meanwhile, our resistance levels are $0.800, $0.900, and $1.000, and our support levels are $0.600, $0.500, and $0.400.
Total Market Capitalization: $1.51 trillion
Cardano Market Capitalization: $22.3 billion
Cardano Dominance: 1.47%
Market Rank: #8
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