Cardano (ADA), the ninth largest cryptocurrency by market capitalization, is currently at a crossroads, locked between two important price levels that can specify its next move. The ADA is now trading between the 50-day simple moving average (SMA) of $ 0.677 and the 200-day SMA of $ 0.762, resulting in a narrow battlefield for bulls and bears.
The 50-day SMA can serve as an intermediate support in the short term, providing a pillow against additional downside pressure. On the other hand, the 200-day SMA can serve as a short-term barrier that Cardano must overcome to kick off a fresh uprising.
Cardano's current tight range indicates an ongoing battle between the bulls and the bear. A decisive break above the 200-day SMA can open the door for a stronger rally, which is potential to set the stage for a prolonged climb. Failure to stay above the 50-day SMA, on the other hand, can lead to further sale pressure. The next few sessions can be the key to determining where Cardano's trends will follow.
What's next?
At the time of writing, Cardano reached 0.34% in the last 24 hours up to $ 0.722 and 15% to weekly. Cardano closed above the 50-day SMA at $ 0.677 on April 23. This is significant, as the daily SMA 50 has been more trapped in ADA prices since December 2024, and a move above may indicate that the bears are losing control.
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In the upcoming sessions, the eyes will be if Cardano can be convinced to hold above this basic level and keep it in support. If this is achieved, Cardano will face the next resistance to the SMA 200 day at $ 0.762. If damaged, Cardano may aim for the next level of $ 1.
Conversely, a decline below the SMA 50's day -to -day targets the support of $ 0.594 leading to $ 0.552. Cardano's price trend can reflect Bitcoin for a short time, so it can be watched.
According to Santiment, Bitcoin's unexpected breakout filed a script for the crypto community. Santiment noted that the data shows an outflow of optimism from the crowd as the BTC has bouncing above $ 95,000 for the first time since February. In this regard, traders can expect a flat-performing crypto weekend or a gentle retrace as signals to retail businessmen who can earn income.
