Cardano ADAUSDT Daily chart analysis April 9, 2023

ADAUSDT

Demand at lower levels is holding Cardano from dipping below the 20-day EMA ($0.37), which indicates a bullish scenario. The ADA/USDT pair is expected to rise towards the neckline of the inverse head and shoulders (H&S) pattern due to the 20-day EMA slope and RSI's positive area. The break above the resistance at the neckline could signal a potential trend change, with the pair's price rallying towards the pattern target of $0.60. For the bears to prevent this upward movement, they must pull the price quickly below the 20-day EMA, and the pair may then decrease to the 200-day simple moving average ($0.35) and later to $0.30.

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