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Sellers’ momentum may increase further
ADA Price Analysis – 06 June
Cardano may decrease past the $0.35, $0.34, and $0.33 levels if sellers are able to hold the $0.37 resistance level. The $0.41 and $0.44 levels will be tested next if the $0.37 resistance level is broken up.
Key Levels:
Resistance levels: $0.37, $0.41, $0.44
Support levels: $0.35, $0.34, $0.33
ADA/USD Long-term Trend: Bearish
Cardano is bearish on the Long-term outlook. Since April 16th, the sellers have had possession of the coin. ADAUSD encountered resistance at the $0.46 level at that point. The formation of a pin bar, followed by powerful daily bearish candles, suggested that the bullish momentum had failed at the specified level. The $0.41 and $0.40 support levels had previously served as resistance levels. Yesterday, the price finally tested the low support level of $0.35. The ranging movement has been seen between $0.37 and $0.35 for more than two weeks. At present, the price is decreasing.
Cardano is trading below the 9-period EMA and the 21-period EMA. This is supported by the exponential moving averages. Price may decrease past the $0.35, $0.34, and $0.33 levels if sellers are able to hold the $0.37 resistance level. The $0.41 and $0.44 levels will be tested next if the $0.37 resistance level is broken up. The relative strength index period 14 signal line is pointing down and providing a selling signal at a level of 39.
ADA/USD Medium-term Trend: Bearish
Cardano is trending downward on the 4-hour chart. In the 4-hour time frame, it appears that the price movement has created a double-top chart pattern. The price may fall further due to the bearish reversal trend. The market recently decrease from the resistance level of $0.37 to the support level of $0.35 as the bears’ momentum outpaced the bulls’. The price is falling and trying to break down the $0.35 barrier level.
Creating a sell signal, the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages. The relative strength index period 14 is heading down and has a sell signal with its signal line at 25.
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