Cardano’s price has started to increase again from $0.5650. ADA has been consolidating recently and may attempt to move clear above the $0.5925 area.
- ADA started a brand new rise from the $0.5650 zone of support.
- Price is above the simple 100-hour moving average and $0.5750.
- On the hourly chart for the ADA/USD, there was a breakout above a bearish trendline with resistance of $0.5760 (data from Kraken).
- When the pair clears $0.600, it could begin a new increase.
Cardano Price Eyes Upside Break
Cardano’s price has been steadily rising from its $0.5650 level in recent sessions. Bitcoin The following are some examples of how to get started: Ethereum. ADA recovered above the resistance levels at $0.5750, and $0.580.
Bulls have pushed price up above 50% Fib of downward movement from $0.6107 swing low to $0.5630. The hourly chart shows a breakout above a bearish key trend line that has resistance at $0.5760.
Cardano’s price has now risen above the simple 100-hour moving average and $0.5750. The price could face some resistance on the upside near $0.5925. This is very close to the Fib retracement of 61.8% from the high $0.6107 and low $0.5630.
First resistance near $0.60. The next major resistance may be $0.620. The price may start to rally if the resistance of $0.620 is closed above. The price might rise to the $0.650 area in the above scenario. If there are any more gains, the price could move towards $0.6650.
The ADA: Another decline?
Cardano could experience another drop if it fails to rise above $0.5920. Support on the downside comes near the $0.5850 mark and the SMA 100-hourly.
Near $0.5650 is the next important support. If the level of $0.5650 is breached, it could lead to a $0.5450 test. Next major support could be near $0.5320, where the 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 – $0.5850 and $0.5650.
Major Resistance Levels – $0.5920 and $0.6000.
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Source: www.newsbtc.com
