Cardano (ADA) Flashes Bullish Signal ๐ข๐โIs the Rally Just Getting Started?
Cardano price rose from $0.720. ADA is consolidating and may break over $0.8650.
ADA price rose from $0.720.
The price is above $0.80 and the 100-hour SMA.
On the hourly ADA/USD chart, a bullish trend line with support at $0.8280 is formed.
If the pair breaks $0.8650, it may rise again.
Cardano Price Expects Growth
Cardano, like Bitcoin and Ethereum, rose from $0.720 in recent sessions. ADA recovered above $0.750 and $0.80 resistance.
Bulls broke $0.820 barrier. The $0.8650 zone was examined last. The market is consolidating gains above the 23.6% Fib retracement line of the upward run from the $0.7113 swing low to the $0.8643 high.
Cardano is above $0.820 and the 100-hour SMA. On the hourly ADA/USD chart, a bullish trend line with support at $0.8280 is formed.
Price may find resistance at $0.8650 on the upside. At $0.880, resistance begins. The next hurdle may be $0.90. A closing above $0.90 barrier might spark a powerful surge. In this situation, the price may reach $0.980. More increases might lead to $1.00 soon.
Are ADA downsides limited?
If Cardano fails to break $0.8650 barrier, it might fall again. The trend line and $0.8280 provide immediate downward support.
Near $0.80 is the next important support. A break below $0.80 might lead to a test of $0.7880 or the 50% Fib retracement level of the upward trend from $0.7113 swing low to $0.8643 high. The next significant support is $0.750, where bulls may appear.
Tech Indicators
Hourly ADA/USD MACD is rising in the positive zone.
Hourly RSI - ADA/USD's RSI is over 50.
Key Support Levels: $0.8280, $0.8000.
Major resistance levels: $0.8650, $0.9000.
