Cardano (ADA) Price Prediction for June 7
The recent bounce back in the crypto market has been short-lived, with many coins returning to the red zone. Cardano (ADA) has seen a modest increase of 0.53% in the last day.
Analyzing the hourly chart, ADA is currently trading within a local channel, with support at $0.4575 and resistance at $0.4648. If ADA manages to break through the upper resistance level, there is potential for a move towards the $0.47 zone.
Zooming out to a larger time frame, we should pay attention to the nearest level of $0.4656. If the candle closes near or above this level, it may indicate further upward movement towards the $0.4750-$0.48 range in the near future.
The weekly chart paints a less clear picture. We should focus on the closure of the current candle in relation to the previous candle’s peak. If it closes above $0.4750, there is potential for growth and a possible test of the $0.50 mark. This scenario could unfold throughout the month.
At the time of writing, ADA is trading at $0.4638.