Cardano Crashes And Encounters Resistance At $0.489

Jun 08, 2024 at 10:58 // Price
Coin Idol
The uptrend will continue if the altcoin retraces and finds support above the moving average lines

The price of Cardano (ADA) has risen and reached a high of $0.489. Price analysis by

Long-term forecast for the Cardano price: ranging

Buyers have failed to sustain the positive momentum above the $0.51 resistance level. Cardano is likely to have risen to highs between $0.62 and $0.66 if the $0.51 barrier is breached. The altcoin is falling after its rejection of the recent high. The cryptocurrency value has fallen within its range but remains above the moving average lines. The uptrend will continue if the altcoin retraces and finds support above the moving average lines.

However, if the negative momentum breaks below the moving average lines, the altcoin will fall and retest the current support level of $0.42. If the current support is broken, the price slide will continue to the previous low of $0.40. Cardano is currently worth $0.47.

Analysis of the Cardano indicators 

After the current price rise, the price bars have risen above the moving average lines. The selling pressure will return if the price falls below the moving average lines. The market will test its existing support at $0.42. The 21-day and 50-day SMAs remain horizontal, indicating a sideways trend.

Technical indicators

Key resistance zones: $0.80, $0.85 and $0.90

Key support zones: $0.50, $0.45 and $0.40

ADAUSD_(Daily Chart) –June 7.jpg

What is the next move for Cardano?

On the 4-hour chart, the ADA price has returned to its range after rejecting the recent high. According to the price action, the price of the cryptocurrency has fallen sharply below the current support of $0.42, but the bulls have bought the dips. The altcoin is correcting upwards to return to its range. In the meantime, the cryptocurrency signal remains negative at the time of writing.

As reported by on May 31, the price of Cardano (ADA) has fallen below the moving average lines after being rejected twice at the $0.51 resistance.

ADAUSD_(4 -Hour Chart) –June 7.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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