Cardano Price has launched a new rally beyond the $0.70 zone. The ADA is currently struggling to correct its profits and start another increase above $0.780.
- Ada Price has launched new rally, above the $0.70 and $0.720 levels.
- The price is trading above $0.720, and is a simple moving average of 100 hours.
- The hourly wage chart for the ADA/USD pair (Kraken data source) has an important bullish trend line with support formed with $0.750.
- The pair could begin another decline if they fall below the $0.7150 support zone.
Cardano prices rise above $0.70
After forming the base beyond the $0.650 level, Cardano launched a new rally to beat Bitcoin and Ethereum. The ADA was able to clear resistance levels of $0.70 and $0.720.
It spiked past the $0.80 level. The high was formed at $0.8204, and the price is currently correcting profits. There was a move below the $0.80 level. The price fell below the 23.6% FIB retracement level of an upward movement from a swing low of $0.6512 to $0.8204.
However, the Bulls are currently operating near the $0.7550 zone. There is also a key bullish trend line formed on the hourly chart of the ADA/USD pair with $0.750 support.
Cardano Price is currently trading above $0.7550, a simple moving average of 100 hours. The advantage is that the price can face resistance near the $0.780 zone. The initial resistance is nearly $0.800. The next important resistance may be $0.820.
If the resistance exceeds $0.820, the price could launch a strong gathering. If stated, the price could rise towards the $0.9150 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 $0.750 level and trendline.
The next major support is from a swing low of $0.6512 to $0.8204 at a level of $0.7150 or an upward movement level of FIB retracement level of 61.8%. A lower break below the $0.7150 level could open the door for a $0.650 test. The next major support is close to the $0.6250 level where the Bulls could possibly emerge.
Technical indicators
HOURLY MACD – ADA/USD's MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – ADA/USD RSI is below 50 levels.
Key support levels – $0.7500 and $0.7150.
Major resistance levels – $0.8000 and $0.8200.
