Cardano Breaks Out: Is ADA Gearing Up for a Major Comeback?

From $0.5650, Cardano price rose. ADA is consolidating and may climb over $0.5925.

ADA price rose from $0.5650 support.
The price is above $0.5750 and the 100-hour SMA.
ADA/USD broke above a bearish trend line with resistance at $0.5760 on the hourly chart.

If the pair breaks $0.600, it may rise again.
Cardano Price Could Rise

Cardano, like Bitcoin and Ethereum, rose from $0.5650 in recent sessions. ADA recovered over $0.5750 and $0.580 resistance.

Bulls broke the 50% Fib retracement barrier of the decline from $0.6107 swing high to $0.5630 low. In addition, the hourly ADA/USD chart broke over a negative trend line with resistance at $0.5760.

Cardano is above $0.5750 and the 100-hour SMA. The price may find resistance at $0.5925 on the upside. It is around the 61.8% Fib retracement of the $0.6107 swing high to $0.5630 low decline.

Around $0.60 is the initial resistance. The next hurdle may be $0.620. If price closes over $0.620 barrier, it might surge strongly. In this situation, the price may reach $0.650. If gains continue, $0.6650 may be next.

Another ADA Decline?

If Cardano fails to break $0.5920 barrier, it might fall again. The 100 hourly SMA and $0.5850 provide immediate downside support.

Near $0.5650 is the next important support. A drop below $0.5650 might challenge $0.5450. The next significant support is $0.5320, 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.

Major Support Levels: $0.5850, $0.5650.

Major resistance levels: $0.5920, $0.6000.

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