Cardano Price: Bulls Prevail Over Bears, Price Increase May Continue

15 June 2021 | Updated: 15 June 2021

ADA Price Analysis – June 15

In case the buyers exert more pressure on the market, the resistance level of $1.64 may be penetrated and the resistance levels of $1.87 and $2.08 may be reached. Inability to break up the $1.64 by the bulls, it may lead to a decrease in price to support levels at $1.46, $1.31 and $1.11.

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 bearish on daily chart. The coin found support level at $1.31 by the bears’ pressure. The bulls rejected further price reduction with the formation of bullish doji candle. The price increases to break up the confluence at the resistance level of $1.64. The bulls may dominate the Cardano market, which may increase the price accordingly.

ADAUSD daily chart, June 15

Cardano is trying to break up the dynamic resistance levels and it is trading between the 9 periods EMA and 21 periods EMA. In case the buyers exert more pressure on the market, the resistance level of $1.64 may be penetrated and the resistance levels of $1.87 and $2.08 may be reached. Inability to break up the $1.64 by the bulls, it may lead to a decrease in price to support levels at $1.46, $1.31 and $1.11. The technical indicator relative Strength Index period 14 is at 50 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. Last week, Cardano has shown a double bottom chart pattern at $1.31 on 4 hour chart. The price has broken up the resistance level of $1.46, the price is heading towards the resistance level at $1.64. The bulls may push up the price further.

ADAUSD 4-hour chart, June 15

The price is trading above 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 60 levels and the signal line pointing up to indicate buy signal.

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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.