Technical Analysis $ADA May 30, 2024

Cardano (ADA) remains stuck inside a symmetrical triangle pattern, signaling a balance between supply and demand.

If the price rises above the moving averages, the bulls will try to push the ADA/USDT pair to the resistance line. A breakout and close above the triangle pattern will signal the start of a strong recovery. The pair can rise to $0.57 and then to $0.63.

Instead, if the price continues to decline, the bears will try to pull the pair towards the support line. A break and close below the triangle would indicate a continuation of the downtrend. The next level to watch on the downside is $0.35.