ADA Price Analysis – June 2
As it stands now, the ADA market is volatile, with prices fluctuating from $0.084 to $0.068.
Resistance levels: $0.092, $0.0945, $0.096
Support levels: $0.065, $0.063, $0.061
Since the beginning of the day, the massive drop has positioned ADA/USD in a decline mode. Looking at the daily chart, the trend is maintaining an ascending channel pattern above the 9-day and 21-day moving averages. Meanwhile, the coin has touched the previous support at $0.068 while a potential pullback may likely take the price up to retest $0.090 resistance level above the channel.
Moreover, should in case the rally continues, it may likely extend it to the main support levels of $0.065, $0.063, and $0.061 respectively. If the price fails to swing lower at the aforesaid levels, the high move could visit the $0.092, $0.094, and $0.096 resistance level. Currently, the RSI (14) is planning to move out of the overbought zone, indicating a continuous bearish dominant.
Against BTC, we can easily see that the coin has been unstable since the beginning of this month, but presently, the price action has recently managed to break above the channel to reach the resistance level at 850 SAT. Any effort by the buyers to move further may likely push the price to the resistance level of 900 SAT and above.
In other words, if Cardano crosses down a little bit, the market is expected to reach the support zones of 720 SAT and 700 SAT price levels. Meanwhile, the RSI (14) indicator confirms that the market is facing the north but at the time of writing as the signal line moves within the overbought zone.
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