Cardano Price Update

Cardano price started a recovery wave above the $0.720 zone. ADA is currently correcting some gains and might find bids near the $0.7380 zone.

• ADA price started a recovery wave from the $0.690 zone.
• The price is trading above $0.720 and the 100-hourly simple moving average.
• There is a connecting bullish trend line forming with support at $0.7385 on the hourly chart of the ADA/USD pair (data source from Kraken).
• The pair could start another increase if it clears the $0.7550 resistance zone.

Cardano Price Holds Support

In the past few days, Cardano saw a recovery wave from the $0.690 zone, similar to Bitcoin and Ethereum. ADA managed to climb above the $0.720 and $0.7320 resistance levels.

It even cleared the $0.750 resistance zone and formed a high at $0.7661; however, the price is now consolidating gains. There was a minor move below $0.750, and the price dipped below the 23.6% Fibonacci retracement level of the upward movement from the $0.6918 swing low to the $0.7661 high.

Cardano price is currently trading above $0.720 and the 100-hourly simple moving average. A bullish trend line is forming with support at $0.7385 on the hourly chart of the ADA/USD pair.

On the upside, the price might face resistance near the $0.750 zone. The first resistance level is near $0.7550, while the next key resistance might be at $0.7620.

If the price can close above the $0.7620 resistance, it may signal the start of a strong rally, potentially rising toward the $0.80 region. Further gains could lead to a move toward $0.850 in the near term.

Potential for Another Decline in ADA?

If Cardano’s price fails to break above the $0.7550 resistance level, it might start another decline. Immediate support on the downside is near the $0.7380 level and the trend line.

The next major support is near the $0.720 level or the 61.8% Fibonacci retracement level of the upward move from the $0.6918 swing low to the $0.7661 high. A downside break below the $0.720 level could test the $0.690 level, and if that fails, the next major support could be around $0.6550 where bulls might emerge.

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 now below the 50 level.

Major Support Levels

• $0.7380
• $0.7200

Major Resistance Levels

• $0.7550
• $0.7620