Cardano price started a new increase compared to the $ 0.620 zone. ADA consolidates almost $ 0.70 and the eyes more profit above $ 0.720 zone.
- ADA price started a recovery wave from the $ 0.650 zone.
- The price is traded above $ 0.680 and the 100-hour simple advancing average.
- There is a connecting Bearish trend line that forms with resistance to $ 0.7180 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple could start another increase if it knew the $ 0.720 resistance zone.
Cardano Price Facies Resistance
In the past few sessions, Cardano saw a new decrease compared to the level of $ 0.7350, such as Bitcoin and Ethereum. ADA fell under the support levels of $ 0.720 and $ 0.70.
A layer was formed at $ 0.6826 and the price moves higher again. There was a movement above the level of $ 0.70. The price knew the FIB racement level of 50% of the recent decrease of $ 0.7338 Swing high to $ 0.6826 low.
Cardano price is now traded above $ 0.680 and the 100-hour simple advancing average. At the top the price can resist the $ 0.7150 zone and the 61.8% FIB retracement level of the recent decrease of the $ 0.7338 Swing high to the layer $ 0.6826 Low.
There is also a connecting Bearish trend line that forms with resistance at $ 0.7180 on the hourly table of the ADA/USD pair. The first resistance is almost $ 0.7250. The next key resistance can be $ 0.750.
If there is an end above the resistance of $ 0.750, the price can start a strong rally. In the case mentioned, the price could rise to the $ 0.780 region. More profits can ask for a movement to $ 0.80 in the short term.
Another drop in Ada?
If the price of Cardano does not climb above the resistance level of $ 0.7150, this can start a new decrease. Immediate support on the disadvantage is close to the $ 0.70 level.
The next major support is near the level of $ 0.680. A downward break below the level of $ 0.680 could open the doors for a test of $ 0.630. The next major support is near the level of $ 0.6175 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 – $ 0.7000 and $ 0.680.
Important resistance levels – $ 0.7150 and $ 0.7340.