Cardano (ADA) In Focus: Can It Break This Barrier and Reclaim Momentum?

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Cardano price started a fresh increase above the $0.7250 zone. ADA is now consolidating and facing hurdles near the $0.760 zone.

  • ADA price started a decent increase above $0.7250 and $0.7320.

  • The price is trading above $0.740 and the 100-hourly simple moving average.

  • There is a key bearish trend line forming with resistance at $0.7580 on the hourly chart of the ADA/USD pair (data source from Kraken).

  • The pair could start another increase if it clears the $0.760 resistance zone.

Cardano Price Eyes Upside Break

In the past few days, Cardano saw a fresh increase from the $0.710 level, but it underperformed Bitcoin and Ethereum. ADA was able to clear the $0.7250 and $0.7320 resistance levels.

The price cleared the 50% Fib retracement level of the recent decline from the $0.7762 swing high to the $0.7110 low. However, the price is now approaching a couple of key hurdles on the upside, starting with $0.7580. There is also a key bearish trend line forming with resistance at $0.7580 on the hourly chart of the ADA/USD pair.

Cardano price is now trading above $0.740 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7580 zone and the trend line.

Cardano Price

The first resistance is near $0.760 or the 76.4% Fib retracement level of the recent decline from the $0.7762 swing high to the $0.7110 low. The next key resistance might be $0.7720. If there is a close above the $0.7720 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.80 region. Any more gains might call for a move toward $0.8250 in the near term.

Another Decline In ADA?

If Cardano’s price fails to climb above the $0.760 resistance level, it could start another decline. Immediate support on the downside is near the $0.7420 level.

The next major support is near the $0.7260 level. A downside break below the $0.7260 level could open the doors for a test of $0.710. The next major support is near the $0.680 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 – $0.7420 and $0.7260.

Major Resistance Levels – $0.7600 and $0.8000.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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