Cardano’s price has started to increase again from $0.720. ADA may now attempt a move over the $0.8650 level.
- ADA prices started a new increase at the support level of $0.720.
- The 100-hour simple moving average is higher than the price of $0.80.
- On the hourly chart for the ADA/USD, there is a strong bullish trendline with a support level of $0.8280 (data from Kraken).
- If the pair clears $0.8650, it could begin a new increase.
Cardano Price Eyes More Gains
Cardano has seen a steady upward movement in the last few sessions from $0.720. Bitcoin The following are some examples of how to get started: Ethereum. ADA recovered above the resistance levels at $0.750 and $0.80.
Bulls have pushed price up above resistance at $0.820. Finaly, the price tested $0.8650. At $0.8643, a new high was created and now the price consolidates gains over the level of 23.6% Fib of the uptrend from the $0.7113 low swing to the $0.8643 peak.
Cardano is currently trading at a price above the simple 100 hourly moving average and $0.820. On the hourly chart for the ADA/USD, a bullish trendline is forming at support $0.8280.
Price could be facing resistance in the vicinity of $0.8650. First resistance near $0.880. Next, the key resistance could be at $0.90. The price may start to rally if the resistance of $0.90 is closed above. If the case is stated, then the price may rise towards the region of $0.980. If there are any more gains, the price could move to $1 in the near future.
Can ADA have any negative effects?
Cardano may start a new decline if the price does not rise above $0.8650. Near the trend line and the $0.8280 support level, there is immediate support to the downside.
Next major support will be near $0.80. If the price breaks below $0.80, it could lead to a move towards $0.7880. This is the Fib 50% retracement of the rise from the swing low of $0.7113 up to the high of $0.8643. Near the $0.750 support, bulls could 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 – $0.8280 and $0.8000.
Major Resistance Levels – $0.8650 and $0.9000.
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Source: www.newsbtc.com
