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.
