Cardano price started a new rally above $ 0.70 zone. ADA now corrects profits and is struggling to start a new increase above $ 0.780.
- ADA price started a new rally above the levels of $ 0.70 and $ 0.720.
- The price acts above $ 0.720 and the 100-hour simple advancing average.
- There is an important bullish trend line that forms with support for $ 0.750 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple can start a new decrease if it is traded under the $ 0.7150 support zone.
Cardano -Price climbs above $ 0.70
After forming a base above the level of $ 0.650, Cardano started a new rally that defeated Bitcoin and Ethereum. Ada was able to erase the resistance levels of $ 0.70 and $ 0.720.
It even rose above the level of $ 0.80. A high was formed at $ 0.8204 and the price now corrects the profits. There was a movement below the level of $ 0.80. The price fell below the 23.6% FIB retraction level of the upward movement of the $ 0.6512 Swing low to $ 0.8204.
However, the bulls are now active near the $ 0.7550 zone. There is also an important bullish trend line that forms with support for $ 0.750 on the hourly table of the ADA/USD pair.
Cardano price is now traded above $ 0.7550 and the 100-hour simple advancing average. At the top the price can resist the $ 0.780 face zone. The first resistance is almost $ 0.800. The next key resistance can be $ 0.820.
If there is an end above the resistance of $ 0.820, the price can start a strong rally. In the case mentioned, the price could rise to the region of $ 0.9150. More profits can ask for a movement for $ 1.00 in the short term.
Another decline of Ada?
If the price of Cardano does not climb above the resistance level of $ 0.80, this can start a new decrease. Immediate support on the disadvantage is near the level of $ 0.750 and the trend line.
The next major support is close to the $ 0.7150 level or the 61.8% FIB retracement level of the upward movement of the $ 0.6512 Swing low to $ 0.8204 High. A downward break below the level of $ 0.7150 could open the doors for a test of $ 0.650. The next major support is near the level of $ 0.6250 where the bulls could arise.
Technical indicators
Hourly MacD – The MACD for ADA/USD loses Momentum in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for ADA/USD is now below the 50 -level level.
Important support levels – $ 0.7500 and $ 0.7150.
Important resistance levels – $ 0.8000 and $ 0.8200.
