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Cardano (ADA), the ninth largest cryptocurrency by market capitalization, currently stands at a crossroads, trapped between two critical price levels that may determine its next move. ADA is currently trading between its 50-day simple moving average (SMA) at $0.677 and its 200-day simple moving average (SMA) at $0.762, making the competition fierce between bulls and bears.
The 50-day simple moving average may form a medium-term support on the short term, providing protection from further downward pressure. On the other hand, the 200-day simple moving average may form a short-term barrier that Cardano must surpass to begin a new upward trend.
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Daily chart ADA/USD, provided by TradingView
The current narrow range of Cardano's price indicates an ongoing struggle between bulls and bears. A decisive breakout above the 200-day simple moving average may open the door to a stronger rise, potentially paving the way for a sustainable upward trend. Conversely, failing to stay above the 50-day simple moving average may lead to additional selling pressure. The next few sessions may be crucial in determining Cardano's next direction.
At the time of writing this report, the price of Cardano has risen by 0.34% over the past twenty-four hours to reach $0.722, with a weekly increase of 15%. Cardano closed above the 50-day simple moving average at $0.677 on April 23. This is significant, as the daily simple moving average of 50 days has significantly capped ADA's price since December 2024, and breaking above it may indicate that the bears are losing control.
In the upcoming sessions, attention will focus on Cardano's ability to hold above this key level and turn it into a support level. If achieved, Cardano will face the next resistance level at the daily simple moving average of 200 at $0.762. If broken, Cardano may target the one-dollar level later. Conversely, a drop below the daily simple moving average of 50 will target the support level at $0.594, before $0.552. The price direction of Cardano may reflect that of Bitcoin in the short term, so it should be monitored. According to Santiment, Bitcoin's sudden surge has changed the course of the cryptocurrency community. Santiment noted that data shows increasing optimism among the public, as Bitcoin's price surpassed $95,000 for the first time since February. In light of this, traders can expect stable performance in the cryptocurrency market over the weekend, or a slight pullback, as signals for individual traders looking to take profits.
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