Cardano price started a fresh increase from the $0.5650 zone. ADA is now consolidating and might attempt a clear move above the $0.5925 zone.
ADA price started a fresh increase from the $0.5650 support zone.
The price is trading above $0.5750 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.5760 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start a fresh increase it clears the $0.600 zone.
Cardano Price Eyes Upside Break
In the past few sessions, Cardano saw a decent upward move from the $0.5650 zone, like Bitcoin and Ethereum. ADA was able to recover above the $0.5750 and $0.580 resistance levels.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.6107 swing high to the $0.5630 low. Besides, there was a break above a key bearish trend line with resistance at $0.5760 on the hourly chart of the ADA/USD pair.
Cardano price is now trading above $0.5750 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.5925 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.6107 swing high to the $0.5630 low.
The first resistance is near $0.60. The next key resistance might be $0.620. If there is a close above the $0.620 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.650 region. Any more gains might call for a move toward $0.6650 in the near term.
Another Decline In ADA?
If Cardano’s price fails to climb above the $0.5920 resistance level, it could start another decline. Immediate support on the downside is near the $0.5850 level and the 100 hourly SMA.
The next major support is near the $0.5650 level. A downside break below the $0.5650 level could open the doors for a test of $0.5450. The next major support is near the $0.5320 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 – $0.5850 and $0.5650.
Major Resistance Levels – $0.5920 and $0.6000.
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