Hopefully ADA Cardano trades above trend line

ADAUSDT

In the past three days, Cardano has continued its decline and reached the uptrend line on May 21. This level is crucial as a break below it would indicate weakening control by the bulls.

However, on May 22, there was a strong bounce off the uptrend line, demonstrating the buyers' determination to defend this level. If the bulls manage to push the price above the 20-day EMA ($0.37), it would suggest a reduction in selling pressure.

In such a scenario, the ADA/USDT pair is likely to gain momentum above the 50-day SMA ($0.39). Conversely, if the price turns down from the 20-day EMA and breaks below the uptrend line once again, it would signify the beginning of a deeper correction towards $0.30.