Cardano Price Analysis for June 2nd – ADA Remains Optimistic

By Dmitriy Gurkovskiy, author at RoboForex Blog

On Tuesday, June 2nd, the ADA remains positive, looking upwards. It is generally trading at 0.0816 USD.

Last week, the ADA attracted the attention of the market, growing significantly. On Friday, May 29th, its price increased by 14%, having fundamental reasons for such growth.

On D1, ADA/USD keeps developing an uptrend. Technically, speaking, the price is testing the upper border of the ascending channel. Currently, after such vigorous growth, we may expect a correction to the nearest support level. The MACD is in the positive area, indicating the probability of further growth. Regardless of the signal lines forming a Black Cross, we may not be counting on a serious correction. The potential aim of the growth is at the resistance level at 0.0977 USD.

On H4, the trading situation is similar. The pair is testing the upper border of the ascending channel. It has formed several reversal patterns. In the nearest future, the price may correct to the support level near 0.0700 USD. The Stochastic is near 60, which means the buyers are losing power, and the price may fall. After testing the support level, the pair may proceed to the next resistance level.

Related Post

The founder of the company Charles Hokinson announced launching an updated version of the ADA. The update is planned for June 30th – July 7th. In the company, they explain that the main goal of the update is to enhance the decentralization parameters of the network. This is planned to be reached by rising to a new level of functionality named Shelley, introducing a consensus algorithm Ouroboros, and a reward system based on expert research.

It is known that on June 16th, the developers will start gathering the network in one chain. Users need to update the software until July 20th.

After the update is installed, the ADA will become dozens of times more decentralized than any other actual blockchain. This promise seems rather ambitious, and there may be something progressive there.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Chief Analyst at RoboForex

Published by
Dmitriy Gurkovskiy

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