Cardano (ADA) Aims Higher Bullish Setup Hints at New Leg Up

News

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Cardano price started a fresh increase from the $0.7280 zone. ADA is now rising and might attempt a clear move above the $0.80 zone.

After a sharp decline, Cardano found support near the $0.7280 zone, like Bitcoin and Ethereum. ADA formed a base above the $0.730 zone and started a decent increase.

There was a clear move above the $0.7450 and $0.7650 resistance levels. There was a break above a key bullish trend line with resistance at $0.7710 on the hourly chart of the ADA/USD pair. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.8557 swing high to the $0.7287 low.

Cardano price is now trading below $0.80 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7920 zone and the 50% Fib retracement level of the downward move from the $0.8557 swing high to the $0.7287 low.

The first resistance is near $0.80. The next key resistance might be $0.8080. If there is a close above the $0.8080 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.880 region. Any more gains might call for a move toward $0.920 in the near term.

If Cardanos price fails to climb above the $0.80 resistance level, it could start another decline. Immediate support on the downside is near the $0.770 level.

The next major support is near the $0.7520 level. A downside break below the $0.7520 level could open the doors for a test of $0.7280. The next major support is near the $0.70 level where the bulls might 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 $0.7520 and $0.7280.

Major Resistance Levels $0.7920 and $0.8000.

Articles You May Like

Trump's Empire Pulled In $57M From Family-Linked Crypto Firm Last Year, Filing Shows
Bitcoin Price Stays in Red, Can Bulls Regain Lost Ground Soon?
Bitcoin Whales Strike Again: Strategic Selling on Binance Puts $110K in Sight
Ethereum Price Pulls Back Hard, Bitcoin Crash Fuels Bearish Wave
Ripple, Binance Behind TRM Labs’ Real-Time Crypto Crime Response Network