Cardano ADAUSDT Daily chart analysis April 9, 2023
ADAUSDTDemand at lower levels is holding Cardano from dipping below the 20-day EMA ($0.37), which indicates a bullish scenario. The ADA/USDT pair is expected to rise towards the neckline of the inverse head and shoulders (H&S) pattern due to the 20-day EMA slope and RSI's positive area. The break above the resistance at the neckline could signal a potential trend change, with the pair's price rallying towards the pattern target of $0.60. For the bears to prevent this upward movement, they must pull the price quickly below the 20-day EMA, and the pair may then decrease to the 200-day simple moving average ($0.35) and later to $0.30.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.