Cardano Price Analysis: ADA Break Critical $1.80 Resistance, Eyes $2
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Cardano Price Analysis: ADA Break Critical $1.80 Resistance, Eyes $2

June 4, 2021      Kavya Barua

Today, ADA increased by 4.%, allowing the coin to break critical resistance at $1.80. Cardano crossed the top border of the triangle against bitcoin earlier this week and is now on its way to the all-time high.

ADA/USD – Cardano Breaks Critical $1.80 Resistance

Key Support: $1.80, $1.71, $1.60/Key Resistance: $2.00, $2.15, $2.30

Over the weekend, ADA found support at $1.40 (.5 Fib) and recovered. It soared above the 20-day moving average and broke over a declining trend line on Monday. Over the last three days, it has been attempting to break critical resistance at $1.80 (bearish.618 Fib) but has yet to close a daily candle above the level.

Last week, the market was stalled by the resistance at $1.80, and if today’s candle closes above it, it should lay the stage for another bullish leg up toward $2.00.

Price Prediction For Cardano-USD In The Short Term

Shortly, the first barrier will be $2.00. (bearish .786 Fib). This is followed by $2.15 (bearish.886 Fib), $2.30 (ATH-day closing price), and $2.52 (bullish.886 Fib) (ATH).

The first support level, on the other hand, is $1.80. Following that are $1.71 (20-day moving average), $1.60, and $1.50. (50-day MA).

The RSI is above the midline and beginning to increase, indicating that bullish momentum is building. The heightened bullish momentum should undoubtedly aid ADA’s ascension to the $2.00 mark.

ADA/BTC – ADA Sets ATH As A Goal SAT = 5000

4900 SAT, 5000 SAT, 5500 SAT are the primary support levels.

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Key resistance levels are 4740 SAT, 4375 SAt, and 4000 SAT.

ADA is performing well against Bitcoin this week, having recovered from weekend support at 4000 SAT and breaking the top angle of a symmetrical triangle at 4500 SAT.

ADA has since scratched 4900 SAT (1.618 Fib Extension) and is now range-bound between this resistance and 4570 SAT. A break above 4900 SAT should enable ADA to test and break the previous ATH of 5000 SAT.

Price Prediction For ADA-BTC In The Short Term

Moving onwards, the first point of resistance is located at 4900 SAT (1.618 Fib Extension). This is followed by a total of 5000 SAT (ATH). Resistance is projected above the ATH at 5500 SAT, 5910 SAT (1.272 Fib Extension), 6000 SAT, and 6363 SAT (1.414 Fib Extension).

The initial support, on the other hand, is located at 4740 SAT. Following that are the 4375 ST (20-day MA), 4000 SAT, and 3760 SAT (.382 Fib).

The RSI is also rising as the bulls begin to gain traction. The RSI has a lot of potentials to rise before the market turns overbought, indicating that this is only the beginning of this bullish trend.

#Cardano (ADA) #Price Prediction
Kavya Barua
Kavya Barua

Kavya Barua is in her final year of graduation from University of Delhi's, B.A (Hons) English program at Janki Devi Memorial College. She is an avid learner with a taste for advancements in crypto and Fintech. She is gaining interest in digital marketing and being a part of the organization where continuous growth and learning is assured and fulfilling the expectations of her knowledge and skills. She aspires to have a good career path with interest and ability to learn and deliver the results.