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Cardano (ADA) Price Analysis for June 7

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Wed, 7/06/2023 - 18:00
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.

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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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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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