Cardano price started a new rise in the $0.7280 area. ADA is currently rising and could attempt a solid move above the $0.80 area.
- ADA price started a new rise above the $0.7280 support area.
- The price is trading below $0.80 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, a breakout occurred above the main bullish trendline with resistance at $0.7710 (data source from Kraken).
- The pair could break out of the $0.80 area and start a new rally.
Cardano price eye steady increase
After a sharp drop, Cardano found support near the $0.7280 area, like Bitcoin and Ethereum. ADA formed a base above the $0.730 area and began a significant increase.
There was a clear move above the $0.7450 and $0.7650 resistance levels. On the hourly chart of the ADA/USD pair, a breakout occurred above the main bullish trendline with resistance at $0.7710. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.8557 swing high to the $0.7287 low.
Cardano price is currently trading below $0.80 and the 100-hour simple moving average. On the upside, the price may face resistance near the $0.7920 area and near the 50% Fib retracement level moving down from the $0.8557 swing high to the $0.7287 low.
The first resistance is near $0.80. The next major resistance could be at $0.8080. If the price closes above the $0.8080 resistance, the price could begin a strong rally. If indicated, the price may rise to the $0.880 region. A short-term move to $0.920 may be necessary to take further profits.
Another decline in ADA?
If Cardano’s price fails to break above the $0.80 resistance level, another decline could begin. Immediate support for the downside is near the $0.770 level.
The next major support is near the $0.7520 level. A break below the $0.7520 level could open the door to a test of $0.7280. The next major support is near the $0.70 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 – $0.7520 and $0.7280.
Key resistance levels – $0.7920 and $0.8000.