Long on Cardano ADA. Hoping for $0.60

ADAUSDT

Cardano's ADA surged to around $0.46 before its upward momentum came to a halt. It is likely to correct downwards and retest the breakout level from the inverse head and shoulders pattern.

The ascending 20-day EMA at $0.40 and the RSI approaching the overbought region suggest that the bulls are currently in control. A rebound from the neckline would indicate that the bulls have turned the level into a support, paving the way for further uptrend towards the pattern target at $0.60.

However, if the price falls and breaks below the neckline, it would suggest that the bears are prevailing at higher levels. This could result in the trap of multiple aggressive bulls and potentially send the ADA/USDT pair plunging towards the 200-day SMA at $0.35.

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