Cardano price started a new increase above the $ 0.7250 zone. Ada consolidates now and is confronted with obstacles near the $ 0.760 zone.
- ADA -Price started a considerable increase above $ 0.7250 and $ 0.7320.
- The price is traded above $ 0.740 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance at $ 0.7580 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple can start a different increase if it knew the $ 0.760 resistance zone.
Cardano Price eyes upside down break
In the last few days, Cardano saw a new increase compared to the level of $ 0.710, but it was left with Bitcoin and Ethereum. ADA was able to erase the resistance levels of $ 0.7250 and $ 0.7320.
The price knew the FIB racement level of 50% of the recent decrease of $ 0.7762 Swing high to $ 0.7110 low. However, the price is now approaching a few important obstacles at the top, starting with $ 0.7580. There is also an important bearish trend line that forms with resistance at $ 0.7580 on the hourly table of the ADA/USD pair.
Cardano price is now traded above $ 0.740 and the 100-hour simple advancing average. At the top the price can resist the $ 0.7580 zone and the trend line.
The first resistance is almost $ 0.760 or the FIB retracement level of 76.4% of the recent decrease of the $ 0.7762 Swing high to $ 0.7110 low. The next key resistance can be $ 0.7720. If there is an end above the resistance of $ 0.7720, the price can start a strong rally. In the case mentioned, the price could rise to the $ 0.80 region. More profits can ask for a movement to $ 0.8250 in the short term.
Another decline of Ada?
If the price of Cardano does not climb above the resistance level of $ 0.760, this can start a new decrease. Immediate support on the disadvantage is near the level of $ 0.7420.
The next major support is near the level of $ 0.7260. A downward break below the level of $ 0.7260 can open the doors for a test of $ 0.710. The next major support is near the level of $ 0.680 where the bulls could arise.
Technical indicators
MACD per hour – The MACD for ADA/USD is gaining strength in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for ADA/USD is now above 50 -level.
Important support levels – $ 0.7420 and $ 0.7260.
Important resistance levels – $ 0.7600 and $ 0.8000.