Cardano price analysis ADA $0.6049

The bulls pushed Cardano’s ADA above the symmetrical triangle pattern on Dec. 28 but could not sustain the higher levels as seen from the long wick on the day’s candlestick.

Because a minor advantage in favor of the bulls is that they have not allowed the price to break below the 20-day EMA. This suggests buying at lower levels. If the price rises above the triangle, the bulls will once again try to overcome the barrier at $0.68. If they succeed, then it will signal the resumption of the uptrend. The ADA/USDT pair may then climb to $0.80 soon.

But the triangle’s support line remains the crucial level for the bulls to defend because if this support gives way, the pair may start a downward move to $0.50, and thereafter to $0.46. DYOR NFA

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