Price Analysis of Cardano
Cardano
ADA
tickers down
0.8758 €
has been trading below the neckline of the head and shoulders pattern, but the bears are struggling to push the price below 0.80
This suggests that the bears have not given up and are buying on dips. If the buyers push and maintain the price above the 20-day EMA (0.98 dollars), it will indicate that the markets have rejected the breakdown. The ADA/USDT pair could rise to 1.20 dollars.
On the contrary, if the price drops sharply from the moving averages, it will indicate that the bears are selling on rallies. This increases the likelihood of a new test of the 0.80 dollar support. A breakdown below this support could initiate a drop towards the pattern target of 0.50 dollars.
