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Cardano (ADA) Next Move—Are Traders Eyeing a Big Push Higher?

Source Newsbtc

Cardano price started a recovery wave above the $0.720 zone. ADA is correcting some gains and might find bids near the $0.7380 zone.

ADA price started a recovery wave from the $0.690 zone.
The price is trading above $0.720 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $0.7385 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $0.7550 resistance zone.

Cardano Price Holds Support

In the past few days, Cardano saw a recovery wave from the $0.690 zone, like Bitcoin and Ethereum. ADA was able to climb above the $0.720 and $0.7320 resistance levels.

It even cleared the $0.750 resistance zone. A high was formed at $0.7661 and the price is now consolidating gains. There was a minor move below the $0.750 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.6918 swing low to the $0.7661 high.

Cardano price is now trading above $0.720 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $0.7385 on the hourly chart of the ADA/USD pair.

On the upside, the price might face resistance near the $0.750 zone. The first resistance is near $0.7550. The next key resistance might be $0.7620.

If there is a close above the $0.7620 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 $0.850 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.7550 resistance level, it could start another decline. Immediate support on the downside is near the $0.7380 level and the trend line.

The next major support is near the $0.720 level or the 61.8% Fib retracement level of the upward move from the $0.6918 swing low to the $0.7661 high. A downside break below the $0.720 level could open the doors for a test of $0.690. The next major support is near the $0.6550 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.7380 and $0.7200.

Major Resistance Levels – $0.7550 and $0.7620.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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