Cardano has begun a new increase in price from the $0.620 area. ADA consolidates near $0.70 with an eye on further gains over the $0.720 region.
- ADA prices started a new wave of growth from $0.650.
- Price is above the simple 100-hour moving average and $0.680.
- On the hourly chart for the ADA/USD, there is a bearish connecting trend line with resistance of $0.7180 (data from Kraken).
- If the pair clears resistance at $0.720, it could begin another rise.
Cardano Price Faces Resistance
Cardano’s price has dropped from its $0.7350 high to $0.7350 in recent sessions. Bitcoin The following are some examples of how to get started: Ethereum. ADA has fallen below $0.720 support and $0.70.
Price is moving upwards again after the formation of a new low. The price moved above $0.70. Price cleared 50% Fib of recent drop from $0.7338 swing low to $0.6826.
Cardano’s price has now risen above the moving average of 100 hours and is trading over $0.680. The price could face some resistance on the upside near the $0.7150 area and the Fib retracement of the recent drop from the $0.7338 high to the $6826 low.
A connecting trendline is also forming, with a resistance of $0.7180 at the hourly graph for the ADA/USD. First resistance near $0.7250. Next, the key resistance could be at $0.750.
The price may start to rise if the resistance of $0.750 is closed above. If the case is stated, then the price may rise towards the region of $0.780. In the short term, any further gains could lead to a price move towards $0.80.
One Drop of ADA in Another?
Cardano could experience another drop if it fails to rise above the resistance level of $0.7150. The $0.70 area is the immediate support to the downside.
The next important support level is around the $0.680 mark. If the level of the 0.680 is breached, it could lead to a move towards $0.630. Next major support could be near $0.6175, where bulls are likely to 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.
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Source: www.newsbtc.com
