Cardano (ADA) Bulls pushing breakthrough – is there a sharp rally next?
Cardano Price started a new rise from the $0.620 area. The ADA merger is close to $0.70, and the eyes are outperforming the $0.720 area.
- Ada Price started the recovery wave from the $0.650 area.
- Prices traded above $0.680, while the 100-hour simple moving average.
- In the hourly chart of the ADA/USD pair, there is a connected bearish trend line with a resistance of $0.7180 (from Kraken’s data source).
- If the pair clears the $0.720 resistance zone, the couple may increase again.
Cardano price faces resistance
Cardano’s credit limit has dropped from the $0.7350 level, such as Bitcoin and Ethereum. ADA fell below the $0.720 and $0.70 support levels.
The price is $0.6826 and the price is higher again. Movement above $0.70 level. Prices dropped 50% of the FIB retracement level from the recent 0.7338 Swing High to the 0.6826 low.
Cardano Price is now trading above $0.680, and so is the simple moving average of 100 hours. On the plus side, the price could be close to $0.7338 in the $0.7150 area with a swing dropping to a low of $0.6826 at $0.6826, and the price could be close to $0.7150 in the $0.7150 area.
On the hourly chart of the ADA/USD pair, there is also a connected bearish trend line with a resistance of $0.7180. The first resistor is close to $0.7250. The next key resistance could be $0.750.
If the resistor is above $0.750, the price may start to gather strongly. In the case of statements, the price may rise toward the $0.780 region. In the short term, more gains may require a transfer towards $0.80.
Another game of ADA?
If Cardano’s price fails to climb to the $0.7150 resistance level, it may drop again. Immediate support is close to the $0.70 level.
The next major support is close to $0.680. A disadvantage below $0.680 may open the door to $0.630 for testing. The next major support is close to the 0.6175 level that the Bulls may appear.
Technical Indicators
Hourly MACD – ADA/USD’s MACD is gaining momentum in bullish areas.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above level 50.
Main support levels – $0.7000 and $0.680.
Major resistance levels – $0.7150 and $0.7340.
