Cardano Price Analysis – June 3
The Cardano price bulls are taking charge of the market as the coin hovers around $1.83 resistance level.
Resistance levels: $2.35, $2.55, $2.75
Support levels: $1.35, $1.15, $0.95
Based on the current prediction, ADA/USD could hit $2.00 in the next positive step. The difficult period seems to be over for this crypto as it tries to create a new trend. However, Cardano’s price is currently trading at $1.83, although the coin touched $1.89 when the market opened during the European session, it could probably retest $1.50 before it rises again.
Cardano Price Analysis: What is the Next Direction for ADA/USD?
It is apparent that a break above $1.90 could encourage more buyers to increase their entries, eventually pushing the price to the resistance levels of $2.35, $2.55, and $2.75 resistance levels. On the downside, once the price breaks below the 9-day and 21-day moving averages, the sell-off could gain traction with the next focus below the $0.55, followed by the psychological $0.40 support.
Moreover, if the above mentioned-support is broken, the downside pressure may increase while the next support may be created by $1.35, $1.15, and $0.95. The technical indicator relative Strength Index (14) is preparing to move above 55-level, suggesting additional bullish signals.
ADA/BTC Market: Keep moving upward
When compares with Bitcoin, the Cardano price is keeping the upward movement intact as the price remains above the 9-day and 21-day moving averages. Meanwhile, a daily close above the resistance level of 5000 SAT could encourage the bulls to extend the rally towards 5300 SAT and $5500 SAT.
In other words, a close below the 9-day and 21-day moving averages could reverse the Cardano price direction towards the daily support at 4200 SAT and a further bearish movement could take the coin to the support of 4000 SAT and below. Meanwhile, there is a possibility that ADA/USD may continue the bullish trend as the technical indicator Relative Strength Index (14) is seen around 63-level with the signal line pointing to the east, suggesting sideways movement.