Cardano: Big Hope For June
Cardano is a cryptocurrency that can surprise us more than once. But how does the ADA/BTC chart looks like? Is it a good market for traders? Check out b24’s analysis!
Right now, Bitcoin is a cryptocurrency that gathers the most of traders’ attention. If you are signed to our newsletter, lately we sent you a big analysis of BTC/USD market. Also, you can read our trader’s thought about this pair here. This time we present you the analysis of the ADA/BTC market.
What happened in May?
In the previous month, the downward trend prevailed in the Cardano’s market. The supply side dominated, pushing the ADA/BTC rating down to around 0.00000930. After defending the mentioned support, there was strong abreaction what made the exchange rate increase up to 0.00001180. This level is currently also resistance on the way to growth.
The bullish mood didn’t last long, and the supply dominated the second half of May. However, the beginning of the last week brought increasing abreaction. In a result, the ADA/BTC exchange rate broke the 0.00001080 level, but right now it looks like it’s only temporary.
In the previous analysis describing the possible scenarios for ADA/BTC movement, we can see that bears dominated. The demand didn’t take a chance to break the appointed resistances, which were optimal from the technical side to activate the demand side. Breaking through a few next support points was a strong negative signal that opened the way to mentioned above decrease level – 0.00000930
The Cardano market, after a few calmer sessions, seems like it is also more determinant to the upward movement. Between 16 – 27 of May, bulls didn’t allow for renewed decrease and test of the minimum from May 13th. Currently, it is possible to maintain the growth trend line.
What will happen in June?
The beginning of June will set the mood for the upcoming time. ADA/BTC is currently on the support line 0.00001100. If the demand breaks that level, we can wait for the increase to 0.00001180. Nonetheless, there is also a possibility for passing abreaction with a decrease to the upward trend line – 0.00001020, which may be tested soon.
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