Cardano (ADA) Price Prediction for June 7

The bounce back has not lasted long, and most of the coins have come back to the red zone, according to CoinMarketCap.

ADA/USD

The price of Cardano (ADA) has risen by 0.53% over the last day.

On the hourly chart, the rate of ADA is in the middle of the local channel, between the support of $0.4575 and the resistance of $0.4648.

However, if the breakout of the upper level happens, the accumulated energy might be enough for a move to the $0.47 zone.

On the bigger time frame, one should pay attention to the nearest level of $0.4656. If the candle closes near it or above, the upward move may continue to the $0.4750-$0.48 range soon.

A less clear picture can be seen on the weekly chart. In this case, one should focus on the bar’s closure in terms of the previous candle’s peak. If it happens above $0.4750, growth may lead to the test of $0.50. Such a scenario is relevant until the end of the month.

ADA is trading at $0.4638 at press time.

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