Cardano (ADA) is trending upwards above the $0.60 resistance level. A clear move above the $0.685 and $0.700 resistance levels could push ADA higher.
- ADA price is rising above the $0.600 pivot level.
- The price is trading above $0.620 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the ADA/USD pair, there is a major bullish trend line forming with support near $0.6020 (data source from Kraken).
- In the coming weeks, this pair may move higher to the $0.800 level or even $1.00.
Cardano price begins a new rebound
After forming a base above the $0.500 level, Cardano began a steady increase. There was a breakout ahead of Bitcoin and Ethereum above the $0.550 and $0.600 resistance levels.
ADA overcame many obstacles and even surged above $0.680. A new multi-week high was formed near $0.6802 and the price is currently on an upward trend. There was a slight decline below the 23.3% Fib retracement level of the upward move from the $0.5220 swing low to the $0.6802 high.
ADA is currently trading above $0.500 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.6020 on the 4-hours chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level rising from the $0.5220 swing low to the $0.6802 high.
Source: ADAUSD on TradingView.com
Meanwhile, immediate resistance is located near $0.660. The first resistance is near $0.685. 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 $0.80 region. A move towards $1.00 may be needed to generate further profits.
Are Dips restricted under the ADA?
If Cardano’s price fails to break above the $0.685 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.6200 level.
The next major support is near the $0.600 level and trend line. A break below the $0.600 level could open the door to a test of $0.5550. The next major support is near the $0.5220 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 – $0.620, $0.600, $0.555.
Key resistance levels – $0.685, $0.700, $0.800.
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