Cardano’s ADA pullback could reach $0.35

ADAUSDT

Cardano is currently in a pullback, which has reached the breakout level of the neckline of the inverse H&S pattern. If the price snaps back from the neckline, it will suggest that the bulls have flipped the level into support, enhancing the prospect of a break above $0.46.

The ADA/USDT pair may then start its northward march toward the pattern target of $0.60, potentially crossing the $0.52 level. However, if bears pull the price below the neckline, it will suggest that the breakout may have been a bull trap, and the pair may tumble to the 200-day SMA ($0.35), where the bulls may step in to arrest the decline.

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