ADA Price Analysis – May 31
Should the buyers maintain strong momentum and the daily candle closes above $0.084 level, ADA/USD may increase to $0.100 – $0.120.
Resistance levels: $0.084, $0.100, $0.120
Support levels: $0.083, $0.058, $0.043
ADA/USD – Daily Chart
ADA/USD was exhibiting a range-bound movement within $0.043 and $0.058 price level till May 27. The buyers gathered enough momentum to break up the resistance level of $0.058 on May 28; this is seen on the daily chart with the formation of bullish candles. The resistance level of $0.083 could not hold the price due to strong bullish pressure. Currently, it is attempting to penetrate the resistance level of $0.084.
Should the buyers maintain strong momentum and the daily candle closes above $0.084 level, ADA/USD may increase to $0.100 – $0.120. In case the sellers defend the $0.084 level, the bear pressure may likely reduce the price. However, the next support levels can be found at $0.083, $0.058, and $0.043. The technical indicator RSI is at 80 levels with the signal line pointing straight upside which indicates a strong bullish signal and a further increase in price.
Cardano against Bitcoin, the cryptocurrency is under strong bullish pressure and it is moving above the moving averages of 9-day and 21-day. Further increase in price is highly envisaged. Should the price cross above the 893 SAT, the market may continue an upward movement that could touch the nearest resistance level of 1000 SAT and above.
The price may experience a price retracement in case the resistance level of 893 SAT holds, which is a normal phenomenon in a trending market. Looking downside, the nearest support levels are 787 SAT, 700 SAT, and 600. Meanwhile, the bulls may continue with the upward trend as the RSI (14) pointing upside at 80 levels.
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