ADA Price Analysis – June 07
Bullish movement may continue towards the support levels at $0.90, and $1.26 provided $0.69 does not hold. In case bears’ momentum increase, $0.54 level may be broken down, price may decrease further to $0.42 and $0.35 support levels.
ADA/USD Market
Key Levels:
Resistance levels: $0.69, $0.90, $1.26
Support levels: $0.54, $0.42, $0.35
ADA/USD Long-term Trend: Bullish
ADA/USD is on the bullish movement on the daily chart. Buyers and sellers are at logger heads with each other in the Cardano market. Buyers are defending the support level of $0.54, preventing further price reduction. Also, Sellers are defending the resistance level of $0.69 making it impossible for price increase. Cardano started a ranging movement within the above mentioned level.
Cardano is above the 9 periods EMA and the 21 periods EMA, as an evidence of a bullish market. Bullish movement may continue towards the support levels at $0.90, and $1.26 provided $0.69 does not hold. In case bears’ momentum increase, $0.54 level may be broken down, price may decrease further to $0.42 and $0.35 support levels. The technical indicator Relative Strength Index is at 50 levels with the signal line pointing downside to indicate sell signal.
ADA/USD Medium-term Trend: Ranging
Cardano is on the ranging movement in the 4-hour chart. The price tested the support level of $0.54 twice. It was unable to break it down. Both buyers and sellers lose momentum and cardano market is experiencing low volatility. The price is currently ranging within the $0.69 and $0.54 levels.
The price is hovering over the two EMAs and the 9 periods EMA and 21 periods EMA are interlocked to each other as an indication of ranging market. The relative strength index period 14 is at 50 levels and the signal line exhibiting sell signal.
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