ADA Price Analysis – June 4
Cardano made a big leap on Sunday where it reversed the trend after finding the support level at $0.080. The gains inched closer to $0.1 but formed a high around $0.098 before coming lower again. Short-term support has been established at $0.090 while the coin as at the time of writing is valued at $0.093.
Resistance levels: $0.11, $0.12, $0.13
Support levels: $0.046, $0.036, $0.026
Yesterday, ADA reached a minimum of $0.088 after the opening of the market with a recovery sign on the first day of June 2019. The recovery has raised the expectation of buyers. Looking more closely at the chart, since the drop from yesterday to today, buyers have seen a strong recovery for three days after the price reached a low of $ 0.082, but the MACD indicator on the daily time frame is bullish and continues to issue a buy signal.
However, the price recovered and before closing, was $0.090. The intraday price has increased by 11% which is not bad. Today, June 4, 2019, the price is still struggling to stay around $0.088 by not falling off the MA 50 (red line) to reach the support level at $0.046, $0.036 and $0.026, which may not be visible because the price remains above the 50-day moving average.
Compared to BTC, the support level in this range is built around 0.0000054BTC. The resistance is set at 0.000016BTC because the market price has just exceeded period 21 of the MA. Technically, the price started a bullish movement last month (May 2019) and the RSI 14 signal line is still trying to go beyond level 50.
At the same time, the MACD indicator on the daily chart is bullish and is currently generating a strong buy signal that points to the green bar of the indicator, indicating that buyers are at stake. But if the price crosses the red line in MA 21, the bear could signal a downward movement in the medium term for the market and the bear can now come into play.
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