Cardano Price has launched a new rally beyond the $0.750 zone. The ADA is currently consolidating profits and may be aiming for new moves above the $0.80 level.
- Ada Price has launched new rallys that exceed the $0.720 and $0.750 levels.
- The price is trading above $0.750, and is a simple moving average of 100 hours.
- On the timely chart of the ADA/USD pair (Kraken's data source), there was a break above a key bearish trend line with resistance of $0.770.
- The pair may start another increase once they clear the $0.80 resistance zone.
Cardano prices rise above $0.750
After forming the base beyond the $0.720 level, Cardano defeated Bitcoin and Ethereum to launch a new rally. The ADA was able to clear resistance levels of $0.750 and $0.80.
It spiked past the $0.820 level. The high was formed at $0.8286 before the defect correction was made. Prices have tested the $0.7620 zone and recently launched a new increase. I cleared the $0.780 resistance. There was a move above the 50% FIB retracement level from Swing High of $0.8286 to $0.7621 Low.
There was also a break above a key bearish trendline with resistance of $0.770 on the hourly chart of the ADA/USD pair. Cardano Price is currently trading above $0.780, a simple moving average of 100 hours.
On top of that, the price could be facing resistance near the $0.80 zone. Alternatively, you could face a 61.8% FIB retracement level of FIB retracement from $0.8286 Swing High to $0.7621 Low. The initial resistance is nearly $0.820. The next important resistance may be $0.850.
If the resistance exceeds $0.850, the price could launch a strong rally. If stated, the price could rise towards the $0.90 region. Any further profits may seek to move to $1.00 in the near future.
Another reduction in ADA?
If the Cardano price is not above the $0.80 resistance level, it could start another decline. Instant support on the downside is close to the $0.7750 level.
The next major support is close to the $0.7620 level. A lower break below the $0.7620 level could open the door for a $0.750 test. The next major support is close to the $0.720 level where the Bulls could possibly emerge.
Technical indicators
HOURLY MACD – ADA/USD's MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – ADA/USD RSI is above 50 levels.
Key support levels – $0.7750 and $0.7620.
Major resistance levels – $0.8000 and $0.8200.
