Cardano ADA price analysis 4/5/23

ADAUSDT

Cardano's price is currently being squeezed between the 20-day EMA at $0.37 and the neckline of the inverse H&S pattern.

The bulls seem to be in control, as the RSI is above 59 and the 20-day EMA is upward-sloping. To confirm the reversal pattern, the price needs to break and close above the neckline. The ADA/USDT pair could start a new uptrend with a pattern target of $0.60 if this happens.

If the bears want to take over, they need to pull the price below the moving averages, which could lead to a long liquidation as several short-term bulls may close their positions. This could result in the pair falling to $0.30.