Cardano price started a new rise in the $0.5650 area. ADA is currently consolidating and could attempt a solid move above the $0.5925 area.
- ADA price started a new rise above the $0.5650 support area.
- The price is trading above $0.5750 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $0.5760.
- The pair could clear the $0.600 area to start a new increase.
Cardano price rises sharply
In the last few sessions, Cardano has seen significant gains in the $0.5650 area, similar to 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. Moreover, on the hourly chart of the ADA/USD pair, there was a break above the main bearish trend line at the resistance level of $0.5760.
Cardano price is currently trading above $0.5750 and the 100-hour simple moving average. On the positive side, the price may face resistance near $0.5925. 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 major resistance could be at $0.620. If the price closes above the $0.620 resistance, the price could begin a strong rebound. If stated, the price may rise to the $0.650 region. A short-term move to $0.6650 may be necessary to take further profits.
Another decline in ADA?
If Cardano’s price fails to rise above the $0.5920 resistance, another decline could begin. 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 break below the $0.5650 level could open the door to a test of $0.5450. The next major support is near the $0.5320 level where the bulls may emerge.
technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.5850 and $0.5650.
Key resistance levels – $0.5920 and $0.6000.