Cardano’s price has started to rise again from $0.7280. ADA has started to rise and may attempt a move over the $0.80 area.
- ADA prices started a new increase at the support level of $0.7280.
- Price is below the moving average of 100 hours and $0.80.
- On the hourly chart for the ADA/USD, there was a breakout above a bullish trendline with resistance of $0.7710 (data from Kraken).
- When the pair clears $0.80, it could begin a new increase.
Cardano price is expected to increase steadily
Cardano, which had experienced a rapid decline, found support around the $0.7280 area, similar to Bitcoin You can also find out more about the following: Ethereum. ADA has formed a strong base just above $0.730 and is now on a nice rise.
On the hourly chart of the ADA/USD pair, there was a break above a key bullish trend line with resistance at $0.7710. On the hourly chart for the ADA/USD, there was a clear break above a bullish trendline with resistance of $0.7710. Bulls drove the price over the Fib 23.6% retracement of the decline from the swing high at $0.8557 to the low at $0.7287.
Cardano’s price has fallen below the $0.80 mark and 100-hour simple moving average. The price could face resistance on the upside near the $0.7920 area and the Fib 50% retracement of the decline from the $0.8557 high swing to the $0.728 low.
The next key resistance might be $0.8080. Next, the key resistance could be at $0.8080. A close above resistance $0.8080 could trigger a powerful rally. If the case is stated, then the price may rise towards the region of $0.880. In the short term, any further gains could lead to a movement towards $0.920.
A New Decline in ADA?
Cardano may begin a new decline if the price does not rise above the resistance level of $0.80. The $0.770 area is the immediate support to the downside.
Next major support will be near $0.7520. The $0.7280 level may be tested if the $0.7520 is breached. Bulls could emerge near $0.70, which is the next important support.
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 – $0.7520 and $0.7280.
Major Resistance Levels – $0.7920 and $0.8000.
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Source: www.newsbtc.com
