Cardano ADA supported by 50 day moving average

ADAUSDT

Cardano's price bounced back from the 50-day SMA ($0.38) on April 25 and 26, indicating that buyers are trying to initiate a recovery from this support. The ADA/USDT pair has now reached the neckline of the inverse head and shoulders pattern, where the bears are trying to stop the upward momentum. If the buyers can overpower the sellers and maintain the price above the neckline, the pair is likely to rally to $0.46.

Conversely, if the price falls back from the neckline, it will suggest that the bears are trying to prevent the reversal pattern from forming. In that case, the sellers will attempt to push the price below the 50-day SMA again, and if they succeed, the pair could drop to $0.34.

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