The Cardano (ADA) bulls are pushing for a breakout—Is a sharp rally next?

From $0.620, the price of Cardano rose. $ADA is consolidating near $0.70 and expects to rise above $0.720.

ADA started a rebound from $0.650.

The price is above $0.680 and the 100-hour SMA.

In the hourly chart of ADA/USD, a negative trend line connects with resistance at $0.7180.

The pair could rise again if it breaks the $0.720 barrier.

The price of Cardano reaches resistance

Cardano, like Bitcoin and Ethereum, fell from $0.7350 in recent sessions. Below the support levels of $0.720 and $0.70, ADA fell.

After a low of $0.6826, the price is rising. The price rose above $0.70. The price crossed the 50% Fibonacci retracement level of the last drop from the high of $0.7338 to the low of $0.6826.

Cardano is above $0.680 and the 100-hour SMA. On the positive side, resistance may be above $0.7150 and the 61.8% Fibonacci retracement level of the recent drop from the high of $0.7338 to the low of $0.6826.

In the hourly chart of ADA/USD, a negative trend line connects with resistance at $0.7180. At $0.7250, resistance begins. The next obstacle could be $0.750.

The price of Cardano is ADAUSD on TradingView.com.

If the price closes above the resistance of $0.750, it could increase sharply. In this situation, the price could reach $0.780. Further advances could lead to $0.80 soon.

If Cardano fails to break the $0.7150 barrier, it could fall again. Near $0.70, there is immediate downside support.

Near $0.680 is the next important support. A drop below $0.680 could touch $0.630. The next significant support is $0.6175, where bulls could appear.

Technical Indicators

The hourly MACD of ADA/USD is rising in the bullish zone.

The hourly RSI - The RSI of ADA/USD is above 50.

Key resistance levels: $0.7150, $0.7340