Cardano ADAUSDT Daily chart analysis April 10, 2023

ADAUSDT

For the past few days, Cardano's ADA has been trading above the 20-day EMA ($0.37), but the bulls are facing resistance at the neckline of the inverse H&S pattern, suggesting that the bears are defending the level with strength. A sharp breakout typically follows a tight consolidation, and the rising 20-day EMA and the RSI in the positive zone indicate that the breakout may occur to the upside.

A close above the neckline will complete the reversal setup and indicate the beginning of a new uptrend with a target objective of $0.60. Conversely, if the price falls and breaks below the 20-day EMA, the bullish scenario will be invalidated, and the ADA/USDT pair may fall to the 200-day SMA ($0.35), where strong buying by the bulls is expected.

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