Cardano Bounces 4% Daily, Here’s the Key Challenge (ADA Price Analysis)

                                                            Die Lage auf den Weltmärkten bleibt unsicher.  Die Federal Reserve wird den Zinssatz heute auf der FOMC-Sitzung bekannt geben, und viele Händler und Investoren sind gespannt auf das Ergebnis.

Technical Analysis

By Grizzly

The daily chart

In the daily time frame moves Cardano further down within the descending channel (in yellow). The bears were able to push the price down from the early April high of $1.25 and the static support at $0.74 (in green) prevented the ADA from falling further.

Technically, the cryptocurrency a double bottom pattern that is considered bullish. This pattern has the potential to make the price static Resistance drifting at $1. However, the biggest challenge right now is the policy of the Federal Reserve, which is trying to inflation to reduce. If the bulls can break out of the descending channel and form a higher high above $1.25, the way is open for higher levels.
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Moving Averages:

MA20: $0.70

MA50: $0.76

MA100: $0.74

MA200: $0.85

The 4 hour chart

On the 4-hour timeframe, Cardano was able to break out of a falling wedge (in yellow) that has accompanied the price since the local top of $1.25 was recorded. If ADA can return above the horizontal resistance at $0.85, expect a short-term uptrend with a challenge to the $1 target. The $0.8 level appears to be retested in the near term.
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