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Cardano (ADA) Bulls Push for Breakout — Is a Sharp Rally Next?

Source Newsbtc

Cardano price started a fresh increase from the $0.620 zone. ADA is consolidating near $0.70 and eyes more gains above the $0.720 zone.

ADA price started a recovery wave from the $0.650 zone.
The price is trading above $0.680 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.7180 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $0.720 resistance zone.

Cardano Price Faces Resistance

In the past few sessions, Cardano saw a fresh decline from the $0.7350 level, like Bitcoin and Ethereum. ADA declined below the $0.720 and $0.70 support levels.

A low was formed at $0.6826 and the price is again moving higher. There was a move above the $0.70 level. The price cleared the 50% Fib retracement level of the recent decline from the $0.7338 swing high to the $0.6826 low.

Cardano price is now trading above $0.680 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7150 zone and the 61.8% Fib retracement level of the recent decline from the $0.7338 swing high to the $0.6826 low.

There is also a connecting bearish trend line forming with resistance at $0.7180 on the hourly chart of the ADA/USD pair. The first resistance is near $0.7250. The next key resistance might be $0.750.

If there is a close above the $0.750 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.780 region. Any more gains might call for a move toward $0.80 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.7150 resistance level, it could start another decline. Immediate support on the downside is near the $0.70 level.

The next major support is near the $0.680 level. A downside break below the $0.680 level could open the doors for a test of $0.630. The next major support is near the $0.6175 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 – $0.7000 and $0.680.

Major Resistance Levels – $0.7150 and $0.7340.

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

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