Cardano (ADA) is gaining speed above the $0.635 resistance zone. ADA is consolidating gains and could target more upside than $0.70 resistance.
- ADA price maintains its upward trend and faces resistance near $0.70.
- The price is trading above $0.640 and the 100 simple moving average (4-hours).
- There is a major bullish trendline with support at $0.6350 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
- If the bulls remain active above the $0.6220 support, the pair could attempt a fresh increase.
Cardano price rises again
After forming a base above the $0.5650 level, Cardano started a new rally. ADA price could move beyond the $0.600 and $0.6220 resistance levels and into positive territory like Bitcoin and Ethereum.
The bulls pushed the pair above the $0.650 resistance zone. However, the bears remained active near the $0.700 resistance zone. A high was formed near $0.7084 and the price began a downward correction. There was movement below the $0.6750 level.
Prices fell below the 23.6% Fib retracement level of the bullish wave from the $0.5685 swing low to the $0.7084 high. ADA price is currently trading above $0.640 and the 100 simple moving average (4-hours).
There is also a major bullish trendline with support at $0.6350 on the 4-hours chart of the ADA/USD pair. The trend line is near the 50% Fib retracement level of the rising wave from the $0.5685 swing low to the $0.7084 high.
Source: ADAUSD on TradingView.com
Bulls may remain active near the $0.6350 support. Meanwhile, immediate resistance is located near $0.6750. The first resistance is near $0.692. The next major resistance could be $0.700. If the price closes above the $0.700 resistance, the price could begin a strong rally. If stated, the price may rise to the $0.750 region. Any more profits may require a move to $0.80.
Fixing the shortcomings of ADA?
If Cardano’s price fails to break above the $0.6750 resistance level, it may continue to decline. Immediate support for the downside is near the $0.6350 level.
The next major support is near the $0.6220 level. A break below the $0.6220 level could open the door to a test of $0.600. The next major support is near the $0.5680 level.
technical indicators
4-Hour MACD – The MACD for ADA/USD is losing momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.6350, $0.6220 and $0.6000.
Key resistance levels – $0.6750, $0.6920 and $0.7000.
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Source: NewsBTC.com