$Cardano (ADA) Shows Bullish Momentum 🟢🚀 — Is the Rally Just Beginning?
Cardano has climbed from $0.720 and is currently consolidating, eyeing a potential breakout above the $0.8650 mark.
The price is trading above $0.80 and the 100-hour simple moving average (SMA), with a bullish trend line forming support around $0.8280 on the hourly ADA/USD chart.
A successful push past $0.8650 could trigger another upward move.
ADA Price Signals Further Upside
Much like Bitcoin and Ethereum, ADA has rebounded from $0.720, clearing resistance levels at $0.750, $0.80, and even breaching the $0.820 mark. Recently, it tested the $0.8650 area and is now holding gains above the 23.6% Fibonacci retracement level (from the $0.7113 low to the $0.8643 high).
With the price above $0.820 and the 100-hour SMA, the chart remains bullish. Immediate resistance lies at $0.8650, followed by $0.880 and then $0.90. A close above $0.90 could ignite a strong rally, potentially driving ADA toward $0.980 or even $1.00.
Are ADA's Downsides Limited?
If ADA struggles to break above $0.8650, it may pull back. The $0.8280 trend line offers the first support, followed by the key $0.80 level. A dip below that could bring ADA to $0.7880 (50% Fib retracement of the recent move) or even $0.750, where buyers are likely to step in.
Technical Indicators
MACD (Hourly ADA/USD): Gaining strength in the bullish zone
RSI (Hourly ADA/USD): Above 50, indicating positive momentum
Key Levels to Watch
Support: $0.8280, $0.8000
Resistance: $0.8650, $0.9000
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