Cardano ADA hangs above key moving averages but I still worry

ADAUSDT

Cardano buyers are struggling to push the price above the neckline, indicating that the bears are fiercely guarding the level. However, the bulls have managed to keep the price from slipping below the 50-day SMA ($0.38). The RSI is in negative territory, and the 20-day EMA ($0.40) is flattening out, indicating that bears are trying to gain the upper hand.

If the ADA price drops below $0.37, the selling could intensify, and the ADA/USDT pair may drop to the next support level of $0.33. If the bulls can cross the obstacle at the neckline, they can set up a retest of $0.46, which could signal the start of a new uptrend.

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