Cardano price started a fresh rally above the $0.750 zone. ADA is now consolidating gains and might aim for a fresh move above the $0.80 level.
- ADA price started a fresh rally above the $0.720 and $0.750 levels.
- The price is trading above $0.750 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $0.770 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $0.80 resistance zone.
Cardano Price Climbs Above $0.750
After forming a base above the $0.720 level, Cardano started a fresh rally beating Bitcoin and Ethereum. ADA was able to clear the $0.750 and $0.80 resistance levels.
It even surged above the $0.820 level. A high was formed at $0.8286 before there was a downside correction. The price tested the $0.7620 zone and recently started a fresh increase. It cleared the $0.780 resistance. There was a move above the 50% Fib retracement level of the downside correction from the $0.8286 swing high to the $0.7621 low.
There was also a break above a key bearish trend line with resistance at $0.770 on the hourly chart of the ADA/USD pair. Cardano price is now trading above $0.780 and the 100-hourly simple moving average.
On the upside, the price might face resistance near the $0.80 zone or the 61.8% Fib retracement level of the downside correction from the $0.8286 swing high to the $0.7621 low. The first resistance is near $0.820. The next key resistance might be $0.850.
If there is a close above the $0.850 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.90 region. Any more gains might call for a move toward $1.00 in the near term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $0.80 resistance level, it could start another decline. Immediate support on the downside is near the $0.7750 level.
The next major support is near the $0.7620 level. A downside break below the $0.7620 level could open the doors for a test of $0.750. The next major support is near the $0.720 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.7750 and $0.7620.
Major Resistance Levels – $0.8000 and $0.8200.
