Cardano Price Analysis
Cardano ($ADA ) moved above the 50-day simple moving average (SMA) at $0.38 on August 23, but was unable to reach the downtrend line, potentially prompting short-term traders to take profits and pulling the price back below the 50-day SMA.
The bulls need to defend the 20-day exponential moving average (EMA) at $0.36. A drop below this level could push the ADA/USDT pair down to $0.31.
However, if the price rebounds off the moving averages, it would indicate a positive shift in sentiment with buying interest on dips. This could increase the likelihood of a successful break above the downtrend line.
