Cardano price started a fresh increase from the $0.720 zone. ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
ADA price started a fresh increase from the $0.720 support zone.
The price is trading above $0.80 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.8280 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start a fresh increase it clears the $0.8650 zone.
Cardano Price Eyes More Gains
In the past few sessions, Cardano saw a decent upward move from the $0.720 zone, like Bitcoin and Ethereum. ADA was able to recover above the $0.750 and $0.80 resistance levels.
The bulls pushed the price above the $0.820 resistance. Finally, it tested the $0.8650 zone. A high was formed at $0.8643 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.7113 swing low to the $0.8643 high.
Cardano price is now trading above $0.820 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.8280 on the hourly chart of the ADA/USD pair.
On the upside, the price might face resistance near the $0.8650 zone. The first resistance is near $0.880. The next key resistance might be $0.90. If there is a close above the $0.90 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.980 region. Any more gains might call for a move toward $1.00 in the near term.
Are Downsides Limited In ADA?
If Cardano’s price fails to climb above the $0.8650 resistance level, it could start another decline. Immediate support on the downside is near the $0.8280 level and the trend line.
The next major support is near the $0.80 level. A downside break below the $0.80 level could open the doors for a test of $0.7880 or the 50% Fib retracement level of the upward move from the $0.7113 swing low to the $0.8643 high. The next major support is near the $0.750 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 – $0.8280 and $0.8000.
Major Resistance Levels – $0.8650 and $0.9000.
* 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.
