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Cardano has retreated slightly and currently trades around $0.36 on most major exchanges. There’s a suggestion of a bearish Doji on the 1-day chart, which could suggest further losses. However, the ADA/USD pair remains above a short term downtrend line. As long as price doesn’t dip below the rising trendline support line, bulls will remain in control.
In this case, prices could retest the overhead resistance line at $0.40, with a clear break opening up an upside to $0.45 and $0.50.
The daily RSI is near the overbought zone and a MACD in the bullish zone also supports the short term positive outlook.
On the contrary, a break below the trendline could see sellers target prices below $0.30 and the 50-SMA ($0.20).