Cardano is targeting the 100-day moving average, currently at $0.489, after a bullish trend. Market analyst Nick Valdez, also known as Deezy, notes ADA has shown resilience by bouncing from the 20-day moving average and tentatively breaking above the 50-day moving average. This movement suggests the 100-day moving average is the next significant target for ADA.
After a recovery run in early January, Cardano retested the 20-day moving average, finding support at $0.380. The cryptocurrency then surged 9% to reach $0.425, breaking above the 50-day moving average. Despite facing resistance at $0.43, Deezy believes the correctional phase may be ending, with a higher-low formation indicating potential for further gains. However, ADA must maintain support at the 50-day moving average to continue its upward trajectory.
Leave a Reply