The price of Cardano starts a new round of increases from the $0.7280 area. ADA is currently in an upward trend and may attempt to break through the $0.80 area.
ADA price starts to rise again from the support area of $0.7280.
Price is below $0.80 and the 100-hour simple moving average.
On the hourly chart of ADA/USD, it broke above the key bullish trend line, with resistance at $0.7710 (data source: Kraken).
Once the $0.80 area is broken, the pair may begin a new round of increases.
The price of Cardano is expected to rise steadily.
Cardano found support around the $0.7280 area, similar to Bitcoin and Ethereum, after a significant drop. ADA formed a bottom above the $0.730 area and began to rise sharply.
The price has clearly broken through the resistance levels of $0.7450 and $0.7650. On the hourly chart of the ADA/USD pair, it broke above the key bullish trend line (resistance level at $0.7710). Bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from $0.8557 high to $0.7287 low.
The price of Cardano is currently below $0.80 and the 100-hour simple moving average. On the upside, the price may face resistance near the $0.7920 area and around the 50% Fibonacci retracement level from the downward move from $0.8557 high to $0.7287 low.
The first resistance level is around $0.80. The next key resistance level may be $0.8080. If the closing price breaks above the $0.8080 resistance level, the price may start a strong rebound. In that case, the price could rise to the $0.880 area. If it continues to rise, it may push the price towards $0.920 in the short term.
ADA slides again?
If the price of Cardano fails to break through the $0.80 resistance level, it may slide again. The direct support level on the downside is around $0.770.
The next major support level is around $0.7520. If it breaks below $0.7520, it may open the door to test $0.7280. The next major support level is around $0.70, where bulls may appear.
Technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major support levels - $0.7520 and $0.7280.
Major resistance levels - $0.7920 and $0.8000.