Cardano price analysis: ADA recovers to $0.582 gaining 4.88 percent overnight

The Cardano price analysis for today is bullish. The ADA/USD was under bearish pressure as bears decreased the price down to $0.469 during the last week, as the bears were ruling the market.

Timeline of Cardano

Cardano jumped by 6% as Bitcoin's consolidation continues and Solana charted some gains as well so let's read more today in our latest altcoin news today. Bitcoin jumped above $31,000 but was then stopped in its tracks and it is now below the $30,000price point.

ADA has rallied over 50% since the crash on May 12th, with the price now sitting under a key resistance. Key Support levels: $0.40  Key Resistance levels: $0.60, $0.75 In the past few days, ADA entered a relief rally, moving very fast from the key support at $0.40 towards the resistance at $0.60.

Bitcoin price started a downside correction from the USD 31,500 zone and declined below the USD 30,000 support zone before recovering. It is currently (11:29 UTC) trading near USD 30,100 and is almost unchanged in a day. It's still down 12% in a week.

Traders are nervously watching the price of crypto lender Celsius' cel cryptocurrency which has collapsed by almost 70% over the last month as panicked sellers offload the coin...

Charles Hoskinson, who is Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), the company responsible for Cardano's research and development, is doing his best to quell concerns over a crypto market recession, saying that large corrections are routine for the industry.  In a video released on his YouTube channel on May 11, Hoskinson

Pseudonymous crypto trader and analyst Capo tweets that Cardano (ADA) is bound to go on a massive downward trend. This popular crypto trader with over 307,500 followers on Twitter predicted a massive plunge before the coin finishes its five-waved downward trajectory following the Elliott Wave Theory.

The Cardano price analysis for today reveals bulls are trying to divert the bearish pressure. ADA/USD price has recovered up to the $0.537 level as bulls made a comeback after bearish dominance observed at the start of the trading session.

Bitcoin was unable to rise after a few weeks of consolidation and eventually broke to the downside. As a result, there was a significant liquidation, and the largest coin by market cap dropped below the important support level of $30,000. Cardano (ADA), on the other hand, has achieved a solid rebound in the last 24 …

A widely followed crypto trader is predicting further corrective moves smart contract platform Cardano (ADA) and one of this year's trending altcoins. Pseudonymous crypto analyst Capo tells his 307,500 Twitter followers ADA is poised for another leg down before it completes its five-wave downtrend, based on the Elliott Wave theory. “ADA Fifth wave missing. Main The post Top Crypto Analyst Predicts Massive Price Dive for Cardano, Says One Solana-Based Altcoin Will ‘Go Down to the Basement' appeared first on The Daily Hodl.

On Thursday (May 12), Dan Gambardello, Founder of Crypto Capital Venture, said that Cardano is “silently positioning itself as the most sound, secure, & scalable blockchain.” On May 12, Gambadello, who has long been a huge fan of Cardano and is a respected member of the Cardano community, told his over 225K Twitter followers: Gambadello