Cardano (ADAUSD) Price Forecast: June 9
ADAUSD price may possibly resume an uptrend to retest the $0.462 supply level soon. A decisive break below $0.303 would bring more losses to the coin. However, a daily candlestick above the mentioned supply level would invalidate any bearish theory. Therefore, if buyers can put more efforts in their tension in the market, a shift in the trend upward will be achieved.
Key Levels:
Resistance Levels: $0.400, $0.500, $0.600
Support Levels: $0.250, $0.200, $0.150
ADA (USD) Long-term Trend: Bearish (Daily Chart)
The ADAUSD pair is showing a bearish display in its long-term perspective. The price bars can be seen below the moving averages. This is due to the high inflow from the sell traders.
However, there is about to be a turnaround for the Cardano buy traders as the selling pressure seems exhausted.
The bears’ pressure on the cryptocurrency in the past few hours has dropped the price below the supply trend lines in its recent low.
Pressure from the sell traders further smashed the coin price down to a low at $0.334 level below the moving averages. With this current trend, buyers can pick up the price at a lower rate and move the market further up. Therefore, if the bulls increase their tension in the market, the price tendency will move above the supply trend levels.
Meanwhile, the Cardano price might possibly rebound from the current support at $0.334 level as the market has reached the oversold region. This will compel more bulls to cluster around the market to resume the next upward move, and with this upcoming bullish trend the price may jump up to revisit the $0.420 resistance level which might possibly lead the coin price to the $1.000 upper resistance trend level in the coming days in its long-term outlook.
ADA (USD) Medium-term Trend: Bearish (4H Chart)
The currency pair is trading below the moving averages, an indication of a bearish market sentiment in its medium-term time frame.
The prices are seen slightly below the moving averages, this is due to the high impact of sellers which may soon fade off.
The cryptocurrency has been having an interference with the sell traders in the previous action and has dropped the price below the supply levels in its recent times.
The market price of ADAUSD is currently trading below the resistance trend lines at the $0.334 low value as the 4-hourly chart resumes today. Should the coin price turned up from the $0.334 support and jump above the $0.0397 supply mark, the bearish thesis would get invalidated.
Additionally, there is a possibility for the price of Cardano to reverse at the mentioned support as indicated by the daily signal which is pointing down below 15% in the oversold region. This means that the selling pressure will soon end, this will bring the emergence of the long traders to resume the bullish rally. This might extend the coin price to the $1.000 upper high value in the coming days in its medium-term outlook.
Buy Cardano on eToro
Leave a Reply