Cardano price started a new increase compared to the $ 0,5650 zone. Ada is now consolidating and can try a clear movement above the $ 0.5925 zone.
- ADA price started a new increase compared to the $ 0.5650 support zone.
- The price is traded above $ 0.5750 and the 100-hour simple advancing average.
- There was a break over an important Bearish trend line with resistance at $ 0.5760 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple could start a new increase, it knew the $ 0.600 zone.
Cardano Price eyes upside down break
In the last few sessions, Cardano saw a decent upward movement of the $ 0.5650 zone, such as Bitcoin and Ethereum. ADA was able to recover over the resistance levels of $ 0.5750 and $ 0.580.
The bulls pushed the price above the 50% FIB racement level of the downward movement of the $ 0.6107 Swing high to $ 0.5630 low. Moreover, there was a break above an important bearish trend line with resistance at $ 0.5760 on the hourly table of the ADA/USD pair.
Cardano price is now traded above $ 0.5750 and the 100-hour simple advancing average. At the top the price can come across the resistance near the $ 0.5925 zone. It is close to the 61.8% FIB racement level of the downward movement of the $ 0.6107 Swing high to $ 0.5630 low.
The first resistance is almost $ 0.60. The next key resistance can be $ 0.620. If there is an end above the resistance of $ 0.620, the price can start a strong rally. In the case mentioned, the price could rise to the $ 0.650 region. More profits can ask for a movement to $ 0.6650 in the short term.
Another decline of Ada?
If the price of Cardano does not climb above the resistance level of $ 0.5920, this can start a new decrease. Immediate support on the disadvantage is near the level of $ 0,5850 and the SMA of 100 hours.
The next major support is near the level of $ 0.5650. A downward break below the $ 0.5650 level could open the doors for a test of $ 0,5450. The next major support is near the level of $ 0.5320 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 – $ 0.5850 and $ 0.5650.
Important resistance levels – $ 0.5920 and $ 0.6000.