Cardano (ADA), the ninth largest cryptocurrency by market capitalization, shows signs of a price return following a strong rebound that pushes above two critical technical levels-the 50-day and 200-day simple moving averages (SMA). SMA -50 -year -old SMA at $ 0.669, in particular, has acted as a resistance to ADA price since late December.
Over the past few months, Cardano's price action has become a complex interplay woven around the daily SMA 50 and 200. Back in late November, managed to rise ADA above the 50-day SMA after spending the moon in trade below both IT and the 200-day SMA. A breakout began, with ADA reaching a high $ 1.24 in early December 2024; However, this has proven short.
You can also like
As with income in the same month of December, the ADA sank under the 50-day SMA again. However, it managed to hold the SMA 200 sun -level as support. But repeated attempts to recover the 50-day SMA in January and March was rejected, showing strong resistance and denial of bullish momentum. The situation worsened when the 200-day SMA flipped from support to resistance in late March in the midst of a broader crypto market collapse.
Cardano turns over the course
At the time of the press, Cardano reached 9.54% in the last 24 hours up to $ 0.79 and up to 9.25% weekly amid the broader crypto market rally that saw Bitcoin had seen $ 104,000 past.
You can also like
The recent rebound has not only caused Cardano's return to the 50-day SMA; Cardano rose above the 200-day SMA to $ 0.783-a step that did not take place in the weeks. This technical development suggests that a recurrence may play.
However, the real test is ahead. If Cardano can maintain momentum above the 200-day SMA will be the key to determining whether this rally remains power or just a temporary spike. Traders and analysts will watch closely on the coming days for confirmation signals.
If the rally is preserved, ADA can target $ 1 next. On the other hand, a drop can cause ADA to return to the trade between the sun -moving averages of 50 and 200.
