Cardano (ADA) Is Trading Marginally, Uptrend Likely
June 5, 2021
Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s price has recovered after falling to the low of $1.00. The upward correction reached the high of $1.90 but was resisted. ADA price retraced back to the low of $1.60. Cardano’s price is rising and is above the moving averages. The crypto’s price will continue to rise as long as price bars above the SMAs. Meanwhile, on May 30 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that ADA is likely to rise to leve1.618 Fibonacci extension or level $1.91.
Cardano (ADA) Indicator Analysis
ADA has risen to level 53 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the previous sideways move. ADA is above the 50% range of the daily stochastic. It indicates that ADA is in a bullish trend zone.
Major supply zones: $2.0, $2.20, $2.40
Major demand zones: $1.40, $1.20, $1.00
What Is the Next Direction for Cardano (ADA)?
Cardano is in the bullish trend zone. The crypto’s price is in the uptrend zone which suggests a further upward movement of the coin.
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