Price Analysis of Cardano

The Recovery of Cardano

ADA

tickers down

€0.9167

from the ascending trend line faded at the 50-day simple moving average ($1.01) on January 12, indicating that sentiment remains negative.

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Daily candlestick chart of the ADA/USDT pair. Source: Cointelegraph/TradingView

Sellers will attempt to strengthen their position by pushing the price below the ascending trend line. If they succeed, the ADA/USDT pair could drop to $0.80 and then to $0.76. Buyers are expected to firmly defend the $0.76 level.

If the price bounces back from the ascending trend line and rises above the 50-day simple moving average, it will signal that the pair could extend its stay within the triangle for a few more days. Bulls would regain control on a breakout and close above the triangle.