ADA Price Analysis – June 9
Cardano (ADA) slips today as the price drops to $0.081. Meanwhile, ADA/USD may likely create a new low.
Resistance levels: $0.100, $0.105, $0.110
Support levels: $0.068, $0.063, $0.058
Cardano (ADA) falls beneath the long-term support at $0.085, which is now, subject to the price actions below the 9-day moving average. As the bears take charge, the coin is now losing momentum to the lower side of the ascending channel along with a potential price surge. Any upward movement of the ADA coin may likely play out in the near future.
However, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.068, $0.063, and $0.058. On the upside, the bulls need to push the price above the channel to reach the resistance at $0.100, $0.105, and $0.110 levels. Meanwhile, the technical indicator RSI (14) is now preparing to move out of the overbought zone, which may likely introduce more bearish signals into the market.
Against Bitcoin, the market is seen to be moving below the 9-day moving average within the channel where the price is expected to move near the 21-day moving average. Should the price cross below the channel, the market may experience a downward trend that could touch the nearest support level of 750 SAT and below.
However, if the bulls could push the market to the north for it to move above the channel, ADA price may reach the resistance levels of 980 SAT and below respectively. The RSI (14) indicator confirms that the market may soon be controlled by the bears as the signal line moves out of the overbought zone.
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