Cardano's price has begun a new round of increases above the $0.750 area. ADA is currently correcting from $0.8650 and testing the support level at $0.7750.
ADA price has started to rise significantly, breaking through $0.750 and $0.7750.
Price is below $0.80 and the 100-hour simple moving average.
On the hourly chart for ADA/USD, it broke below the connecting bullish trend line, with support at $0.820 (data from Kraken).
If the resistance area of $0.80 is broken, the pair may begin to rise again.
Cardano price drops to support level
In the past few days, Cardano has once again broken the $0.750 level, similar to Bitcoin and Ethereum. ADA successfully broke through the resistance levels of $0.7750 and $0.80.
It tested the $0.8650 area. The price formed a high at $0.8634 and has recently pulled back some gains. It fell below the $0.80 level. Additionally, on the hourly chart for ADA/USD, it broke below the support level of $0.820 on the connecting bullish trend line.
The pair tested the $0.7750 area. The low formed at $0.7742, and the current price is consolidating below the 23.6% Fibonacci retracement level from the recent high of $0.8634 down to the low of $0.7742.
Cardano's price is currently below $0.80 and the 100-hour simple moving average. On the upside, the price may face resistance around the $0.80 area. The first resistance level is around $0.8180. The next key resistance level may be $0.8450.
If the closing price breaks through the resistance level of $0.8450, the price may start a strong rebound. In this case, the price may rise to the $0.880 area. If it continues to rise, it may drop towards $0.90 in the short term.
Will ADA's losses be even greater?
If Cardano's price fails to break through the resistance level of $0.80, it may open up a new round of declines. The direct support level on the downside is around $0.7750.
The next major support level is around $0.740. If it falls below $0.740, it may open the door to $0.7050. The next major support level is around $0.680, where bulls may appear.
Technical indicators
Hourly MACD - The MACD for ADA/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for ADA/USD is currently below the 50 level.
Key support levels - $0.7750 and $0.7400.
Key resistance levels - $0.8000 and $0.8180.