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Cardano (ADA) has recently shown signs of a fresh upward movement, beginning its increase from the $0.620 zone. Currently consolidating near the $0.70 mark, ADA seeks to achieve further gains beyond the $0.720 resistance area. This positive momentum was initiated from the $0.650 zone, with the price now operating above the $0.680 level as well as surpassing the 100-hourly simple moving average. A notable feature in ADA’s price movement is a bearish trend line with resistance at $0.7180 on the ADA/USD hourly chart, as sourced from Kraken. Overcoming this $0.720 resistance could herald the start of a more significant uptrend for ADA.
The recent trading sessions observed ADA experiencing a downturn from the $0.7350 level, following similar trends seen in major cryptocurrencies like Bitcoin and Ethereum. It fell below the previous support levels of $0.720 and $0.70, marking a low at $0.6826. However, a bullish recovery is underway as the price has rebounded above the $0.70 threshold. This recovery effort was underscored by the price crossing the 50% Fib retracement level from its recent drop from $0.7338 down to $0.6826 low. ADA’s price fortifies its position above the $0.680 mark alongside maintaining stance above the 100-hourly SMA, suggesting a bolstered bullish momentum.
On the resistance frontier, ADA might encounter obstacles near the $0.7150 region and the 61.8% Fib retracement level traced from the descent from $0.7338 to $0.6826. Furthermore, a bearish trend continues to be indicated by the resistance line at $0.7180 on the hourly ADA/USD chart. Surpassing the first significant resistance near $0.7250 could potentially lead to encountering the next crucial barrier at $0.750. A successful breach above this level might trigger a robust rally, potentially lifting the price towards the $0.780 mark, and with further gains, a move towards $0.80 might be foreseeable in the near horizon.
Conversely, should ADA struggle to rise above the resistance level of $0.7150, it might pave the way for another downturn. Immediate support is seen hovering near the $0.70 level, with substantial backing found at $0.680. A break below this could significantly test the lower support level at $0.630. In this scenario, the subsequent major support near $0.6175 could play a crucial role where buyers might likely regroup. Technical indicators such as the hourly MACD show an uptrend gaining momentum in the bullish domain, with the hourly RSI (Relative Strength Index) indicating figures above the 50 mark, pointing towards a positive market sentiment for ADA. Major support is delineated at $0.7000 and $0.680, with critical resistance levels marked at $0.7150 and $0.7340, signaling a potentially volatile yet opportunistic market landscape for ADA investors.
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