Cardano (ADA) Struggles to Sustain Gains—Is the Uptrend in Trouble?
Cardano Price starts a new rally in the $0.70 area. ADA is now correcting earnings and working to start growth above $0.780.
- ADA Price started a new rally above the $0.70 and $0.720 levels.
- Prices traded above $0.720, while the 100-hour simple moving average.
- In the hourly chart of the ADA/USD pair (Kraken’s data source), there is a key bullish trend line forming with support of $0.750.
- If the transaction price is below the $0.7150 support zone, the couple may drop again.
Cardano price rises $0.70
After forming the foundation above the $0.650 level, Cardano begins a new rally jump Bitcoin and Ethereum. The ADA is able to clear resistance levels of $0.70 and $0.720.
It’s even above the $0.80 level. The high form is $0.8204 and the current price is correcting the gains. Actions below $0.80. From 0.6512 to $0.8204, the price is below the 23.6% FIB retracement level below the 23.6% FIB retracement level.
However, the Bulls are now active near the $0.7550 area. There is also a key bullish trend line on the hourly chart of the ADA/USD pair, with support at $0.750.
Cardano Price is now trading above $0.7550, and so is the simple moving average of 100 hours. On the plus side, the price could face resistance around the $0.780 area. The first resistor is close to $0.800. The next key resistance may be $0.820.
If the closing price is above the resistance at $0.820, the price may start a strong rally. In the case of statements, the price may rise toward the $0.9150 region. In the short term, more gains may require a transfer towards $1.00.
Another decline in ADA?
If Cardano’s price can’t climb above the $0.80 resistance level, it may drop again. Immediate support on the downside is the $0.750 level and trend line.
The next major support is the 61.8% FIB retracement level close to $0.7150 or upward moving, from swing of $0.6512 to $0.8204 high. Disadvantages below the $0.7150 level may open the door to the $0.650 test. The next major support is close to the 0.6250 level that the Bulls may appear.
Technical Indicators
Hourly MACD – ADA/USD’s MACD has lost momentum in bullish areas.
Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below level 50.
Main support levels – $0.7500 and $0.7150.
Major resistance levels – $0.8000 and $0.8200.
