Above $0.7250, the price of Cardano rose again. ADA is consolidating and facing obstacles at $0.760.
The price of ADA has risen above $0.7250 and $0.7320.
The price is above $0.740 and the 100-hour moving average.
The hourly ADA/USD chart shows a downward trend line with resistance at $0.7580.
If it breaks $0.760, the pair may rise again.
The price of Cardano may rise
Cardano has risen from $0.710 in recent days, although it lagged behind Bitcoin and Ethereum. ADA removed resistance at $0.7250 and $0.7320.
The price has surpassed the 50% Fibonacci retracement level of the recent drop from $0.7762 to $0.7110. However, the price is approaching two significant obstacles upward, starting from $0.7580. On the hourly ADA/USD chart, a downward trend line has formed with resistance at $0.7580.
Cardano is above $0.740 and the 100-hour moving average. The price may find resistance at $0.7580 and the upward trend line.
The first resistance is at $0.760, which is the 76.4% Fibonacci retracement level of the recent drop from $0.7762 to $0.7110. The next obstacle may be $0.7720. A close above the $0.7720 barrier could lead to a strong surge. In this case, the price may reach $0.80. Further increases may soon lead to $0.8250.
Will there be another decline in ADA?
The price of Cardano may decline again if it fails to break $0.760. Near $0.7420 is immediate support downward.
Near $0.7260 is the next important support. A drop below $0.7260 may test $0.710. The next important support is $0.680, where bulls may appear.
Technical indicators
The MACD indicator for the hourly ADA/USD pair is rising in the positive zone.
RSI Indicator - The RSI for the ADA/USD pair is above 50.
Key support levels: $0.7420, $0.7260.
Key resistance levels: $0.7600, $0.8000.
