Nick Valdez (Deezy), a stake pool operator and prominent market analyst, expects Cardano to target the 100-day moving average next.
Key Points
- Deezy, a stake pool operator and prominent market analyst, sees Cardano targeting the 100-day moving average next, which currently sits at $0.489.
- He pointed out that ADA bounced from the 20-day MA and has “tentatively” broken above the 50-day MA, making the 100-day MA its next key target.
- Cardano retested the 20-day moving average after its early January recovery run and regained bullish momentum, surging 9% the next day to reach $0.425.
- The run saw it break above the 50-day moving average.
- Deezy suggested the correctional phase for Cardano might be nearing its end, citing a higher-low formation on the daily chart.
Cardano and the 20D and 50D Moving Averages
For perspective, Cardano retested the 20-day moving average after its early January recovery run. The coin jumped to a high of $0.435 on January 6 but lost steam there, leading to a retracement that found support at the 20D MA around $0.380 on January 12.
From the area, Cardano regained bullish momentum, surging 9% the next day to reach $0.425. Notably, the run saw it break above the 50-day moving average, with Deezy suggesting it may have also defied this key indicator.
At the time of writing, ADA has retraced to $0.403, with current consolidation pushing it towards the 50-day at $0.395. Notably, if the indicator provides support, as the 20-day MA did a few days ago, Cardano may recover to a higher price level.
ADA Now Eyes the 100-day MA
Meanwhile, Deezy’s analysis highlighted the 100-day moving average as the next possible target. At the time of writing, this indicator stands at $0.489.
However, ADA has the $0.43 resistance level to overcome first. The cryptocurrency has faced selling pressure around the area twice this month, falling from the zone on January 6 and again on January 14, when its bullish momentum stalled at $0.426.
End of Cardano Downtrend? Caveats to Note
Further, Deezy suggested that the correctional phase for Cardano might be nearing its end, citing a higher low formation on the daily chart. An accompanying chart shows that the SPO views the consolidation from the January 6 high to a low of $0.38 to retest the 20D MA as a swing low before the next leg up.
Cardano Analysis/DeezyIf this proves true, the analyst highlights $0.49 as the possible short-term target. However, this hinges on several factors, including sustained strength amid the current mild consolidation.
ADA needs to hold the 50-day MA if there is any chance of a further price increase, which is not guaranteed. Even if this level holds, reaching the 100-day MA also remains speculative, as market trends are unpredictable.
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