Cardano (ADA) Price Analysis 24-05-2023
The ADA market is following a Channel Up pattern while moving higher. Pullbacks around the Channel support trendline ($0.35) and the 200-day moving average might be good entry points for swing traders. Traders riding the trend should hold off until the Channel is broken.
The market is moving in an upward channel pattern. If a pattern is forming, investors who think the price will stay inside its channel may buy or sell on price swings that occur within the channel’s trendlines.
One can initiate a trade when the price breaks out of the channel’s top or lower trendlines, since this indicates a full pattern. A quick move in the direction of the breakout is possible when this occurs.
Short- and medium-term trends point downward, whereas long-term trends point upward. Since the MACD Line is below the MACD Signal Line and the RSI is below 45, momentum is bearish. The nearest support zone is at $0.30, followed by $0.25. We have a $0.40 and $0.50 Resistance Zone close by.