ADA Price Aims for 100-Day Moving Average After Strong Recovery

TLDR

• Cardano is targeting the 100-day moving average after bouncing from the 20-day MA and breaking above the 50-day MA.
• ADA price surged 9% after retesting the 20-day moving average and reached $0.425, breaking the 50-day MA.
• The 100-day moving average is currently at $0.489, and Cardano must overcome the $0.43 resistance level first.
• Market analyst Nick Valdez believes the correction phase for ADA is nearing its end, signaling a potential upward move.
• ADA price is consolidating near the 50-day moving average, with support at this level potentially setting the stage for further gains.

Cardano’s (ADA) price is eyeing a move toward the 100-day moving average (MA) after showing resilience against other key moving averages. ADA has bounced from the 20-day MA and recently broke above the 50-day MA, creating optimism for the next target. Market analyst Nick Valdez (Deezy) believes the 100-day MA, currently sitting at $0.489, is Cardano’s next major hurdle.

ADA Bounces from the 20-Day and Breaks Above the 50-Day MA

Cardano’s recent price action indicates bullish momentum after a series of moves above key moving averages. ADA price bounced from the 20-day moving average in early January, signaling recovery. After retesting this level, Cardano surged 9% the following day, reaching $0.425 and breaking above the 50-day MA, which had previously served as resistance.

Despite this recent strength, ADA retraced slightly to $0.403, currently consolidating near the 50-day MA, which is at $0.395. If the price continues to hold above this level, it could potentially target the next resistance at $0.43. Market analysts, including Deezy, are watching this consolidation phase closely, as it could set the stage for another upward move.

The 100-Day MA: A Key Target for ADA Price

Deezy, a well-known market analyst, points out that the 100-day moving average is now the next major target for Cardano. With the 100-day MA currently at $0.489, ADA needs to overcome the $0.43 resistance level first. Although ADA has faced selling pressure around $0.43 multiple times this month, breaking through this resistance could open the door for a push toward the 100-day MA.

Despite the market’s unpredictability, Deezy believes the correction phase for ADA may be nearing its end. He notes that ADA has formed a higher low on the daily chart, suggesting that the correction might be over. If Cardano manages to maintain support at the 50-day MA and hold above the $0.43 resistance, a potential rally towards the 100-day MA seems plausible.

Deezy further explains that ADA’s price action could be signaling an upcoming surge. If the current consolidation phase results in a break above $0.43, Cardano might continue its upward trajectory toward the 100-day MA. However, the price must maintain support at the 50-day MA to ensure that the momentum continues.

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