Cardano Price: $1.64 Support Level May Hold, Price Increase Envisaged

Azeez Mustapha
8 June 2021 | Updated: 8 June 2021

ADA Price Analysis – June 08

Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08.

ADA/USD Market

Key Levels:

Resistance levels: $1.64, $1.87, $2.08

Support levels: $1.46, $1.31, $1.11

ADA/USD Long-term Trend: Bearish

Cardano is bullish on daily chart. The bulls dominated Cardano market two weeks ago. The bullish momentum increased the price to $1.87 price level. The increase was interrupted with the formation of bearish engulfing candle which indicate the sellers’ pressure. Cardano price dropped to $1.46 after penetrated the support level of $1.64.

ADAUSD Daily chart, June 08

Cardano has broken down the dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA. Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08. The technical indicator relative Strength Index period 14 is at 40 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. Last week, Cardano was under the control of the bulls. The bullish momentum pushes the price up to the resistance level at $1.87. The level was defended by the bears with the formation of strong bearish engulfing candle. The price reverses and decreases towards the support level of $1.46.

ADAUSD 4 hour chart, June 08

The price is trading below the 9 periods EMA and 21 periods EMA while the two EMAs are separated from each other. The relative strength index period 14 is above 30 levels and the signal line pointing up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.