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Cardano (ADA) Price Analysis for June 7

Wed, 06/07/2023 - 18:00
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Denys Serhiichuk
Has rate of Cardano (ADA) reached reversal zone yet?
Cardano (ADA) Price Analysis for June 7
Cover image via www.tradingview.com

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The cryptocurrency market is neutral today as none of the sides has seized the initiative.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the decline of most other coins, going down by 5.73%.

ADA/USD chart by TradingView

Image by TradingView

On the hourly time frame, the price of Cardano (ADA) has broken the level at $0.3340, which is crucial now for bears. If the daily bar closes near it, one can expect a local correction to the $0.34 zone soon.

ADA/USD chart by TradingView

Image by TradingView

On the daily chart, there are bullish signals yet as the price keeps falling after a breakout of the $0.35 zone.

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DOGE Price Analysis for June 6

In this case, the more likely scenario is an ongoing drop to the nearest support at $0.3012. Such a scenario is relevant until mid-June.

ADA/USD chart by TradingView

Image by TradingView

A similar situation can be seen on the weekly time frame, as bears have returned to the game. If the candle closes near the $0.32 mark, the test of the important area of $0.30 is just a matter of time.

ADA is trading at $0.3266 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.