Cardano (ADA) Price Analysis – June 12
With the current positive move, ADA markets have eventually carved a bearish Bat pattern after completing a XABCD harmonic pattern which signaled a potential reversal for the market. Meanwhile, the possible downward spiral is revealed on the indicators which at the same time confirmed a bearish move.
Resistance levels: $0.098, $0.105
Support levels: $0.088, $0.083
A harmonic bearish Bat pattern has popped up on the Cardano market after surging about 20% in the last three days of trading. We saw this pattern after the June 3 sell-off from the X level of $0.098 to the A low before bouncing to $0.088, where the B point lies. ADA made a double bottom at C level of $0.076 and rose to the current trading levels $0.094, where the Potential Reversal Zone (PRZ) lies – the D level.
Now that a bearish signal is revealed and the Bat pattern, the potential support to watch out for lies at $0.087 and $0.083. After the potential bearish play, the next upward movement may target $0.098 and $0.105 resistance level.
As confirmed on the 4-hours Stochastic RSI, Cardano is reflected at the oversold territory as price may drop at any moment. Along with the 4-hours RSI, a possible drop may send the token to the mentioned support level.
Against Bitcoin, Cardano has followed an ascending wedge formation over the past few days. The past three days bullish scenario has been again completed a XABCD harmonic pattern which suggested a bearish move for the market. Having tested the upper trend line area, the D point confirms a potential price drop as the seller are ready to slump the price to 1100 SAT and maybe 1050 support, where the lower wedge rests.
If the price breaks above the wedge, the market may rise to 1250SAT resistance and above. But observing the 4-hours Stochastic RSI, a downward movement is about to play out. In a short time, the ADA market may slip to the oversold region.
A strong confirmation was revealed on the 4-hours RSI as the token trades near the overbought zone. However, the recent positive move has positioned the market above the 50 level. If the RSI trend falls, we can expect a bearish move.
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