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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.
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.
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.
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.
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