CARDANO (ADA-USD)
A bullish outlook is seen in the last 24hrs, this is buttressed by the 7 day MA that is seen above the 21-day MA thus indicating a bullish signal.
The RSI is generally seen above the 50 levels reflecting a strong buying pressure. The price of the digital asset began the day trading at $0.086 as at 09:00 on May 27th where traders pushed the price rally up to $0.0895.
Around 16:00 on May 27th, the bears attempted to push the price rally further down to close at $0.087 but they failed to maintain downwards price rally due to more bullish pressure that later resulted to upward price rally that closed at $0.0916 as at 23:00.
More bearish pressure is then encountered at around 0000h on May 28th where traders shifted the price performance further down to $0.0882. ADA price shows improvement since it is up by 2.45%, this may be due to the faster and simplest transaction Cardano offers.
FORECASTThe 21-day MA is almost crossing over the 7 day MA during the last hour; this shows the possibility of a continuous bearish market rally in the next few hours.
The RSI is also heading south indicating a decline in a price rally. New resistance level should be set at $0.09.
Source: ZyCrypto