TL;DR Breakdown

• Cardano price is expected to increase to $1.80
• The closest support level is at $1.65
• ADA faces resistance at the $1.75 mark

After finally climbing past the $1.80 mark, Cardano price failed to continue its bullish rally and the price has dropped to just above $1.70.While the price at press time holds just above$1.70, the bearish pressure is still strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time-frame. Major Players include Dogecoin, and BNB that record a 0.34 and a 1.13 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 1.24 and a 4.41 percent hike.

Technical indicators for ADA/USDT

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the small dark green histogram. The indicator was in the bearish region for the past 4 days but it has grown bullish again and oscillates around the -0.007 mark. Across the EMAs, 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. At press time the RSI has had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands are currently narrow and will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Cardano price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 16 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Cardano price?

Traders should expect the Cardano price to move upwards from $1.70 towards the $1.80 mark as ADA price has found support for upwards movement across the short term charts. ADA is expected to retest the $1.80 mark before it climbs above to the $2.00 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/cardano-price-analysis-2021-06-07/