Cardano ADA is range bound

ADAUSDT

The recovery of Cardano has reached a crucial level at the 20-day EMA ($0.37), which should be closely monitored in the near term. If buyers manage to push the price above the 20-day EMA, it would indicate a positive sentiment and traders buying on dips. In such a scenario, the ADA/USDT pair may rise towards the neckline of the inverse head and shoulders (H&S) pattern.

However, if the price retreats from the neckline, it would suggest a potential consolidation phase between the neckline and the uptrend line. A decisive break and close below the uptrend line would indicate bearish control, potentially leading the pair to slump to $0.30.

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