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According to analysts, the dynamics of the rate of the native token of the Cardano blockchain network (ADA) in a trading pair with the US dollar is marked by bullish trends. The price trend of recent days, starting from May 28, 2022, had an upward position.
According to the values of the technical analysis tool, the next resistance level for the ADA will be the threshold of $0.625. As of 13:00 Moscow time on June 3, 2022, the value of the asset is trading below the designated mark and amounted to $ 0.5785. The strongest support for Cardano, at the moment, is provided by the border on the $0.556 line.
Analytics of the daily price chart of the ADA/USD pair noted the weakening of the bullish pressure. The value of the coin remained at the values of the previous day, fixing an insignificant decrease of 0.31%. However, the picture of the last week showed an increase in value by 25.4%. The trading volume, after the rally that occurred at the beginning of the week, came to the stabilization zone, decreasing by 24.86%.
According to the Bollinger Bands when evaluating the weekly chart, the resistance boundary is defined at $0.626, while the critical support line is fixed at $0.444. The average cost of the ADA was $0.535. According to another technical analysis tool – the Relative Strength Index (RSI) – trading activity was determined in the neutral zone at a value of 50. However, analysts noted that the advantage of sellers loses the power of momentum.
The overall picture of technical indicators was 7 indicators in favor of bullish trade development, 9 instruments signal bearish assumptions, the remaining 10 values were in a neutral position.
Earlier, the editors of Crypto.ru reported that the price of Cardano made a jump of 25% due to an increase in the volume of operations in the network, overtaking the number of transactions of the blockchain competitor Ethereum.
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