Cardano Price Increases as Bulls Increase Their Momentum

1 June 2021 | Updated: 1 June 2021

ADA Price Analysis – June 01

Increase in the bulls’ momentum will increase the price to the resistance level of $1.87, the bullish momentum may extend to the resistance level of $2.08 and $2.30 levels. If the bears break down the support level at $1.64, the price may decrease to $1.46 and $1.31 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.87, $2.08, $2.30

Support levels: $1.64, $1.46, $1.31

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. The coin was bearish last week, the sellers’ pressure seems exhausted at the support level of $1.31. On May 30, a bullish engulfing candle emerged and this triggered bulls in to action. The former resistance levels of $1.46 and $1.66 turns to support level after the price increase towards the resistance level of $1.87.

ADAUSD daily chart, June 01

Cardano has broken up the dynamic resistance level and it is trading above the 9 periods EMA and 21 periods EMA at close contact. In case the buyers increase their pressure and gain enough momentum, ADA/USD may incline to $1.46, $1.31 and $1.11. Increase in the bulls’ momentum will increase the price to the resistance level of $1.87, the bullish momentum may extend to the resistance level of $2.08 and $2.30 levels. If the bears break down the support level at $1.64, the price may decrease to $1.46 and $1.31 levels. The technical indicator Relative Strength Index period 14 is at 50 levels with the signal line pointing down which indicates a sell signal which may be a pullback.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. Cardano commenced a bullish movement last week. A Pin bar candle pattern formed at the support level of $1.11. The price increases towards the resistance level of $1.87. It pulled back to retest the $1.31 level. It is currently increasing towards the $1.87 price level.

ADAUSD 4 hour chart, June 01

The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are separates from each other. The relative strength index period 14 is above 50 levels and the signal line pointing down to indicate sell signal.

You can purchase crypto coins here: Buy coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.