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Cardano (ADA) is gaining pace above the $0.635 resistance zone. ADA is consolidating gains and might aim for more upsides above the $0.70 resistance.
- ADA price is holding gains and facing resistance near the $0.70 zone.
- The price is trading above $0.640 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $0.6350 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
- The pair could attempt a fresh increase if the bulls remain active above the $0.6220 support.
Cardano Price Eyes Another Increase
After forming a base above the $0.5650 level, Cardano started a fresh increase. ADA price was able to climb above the $0.600 and $0.6220 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
The bulls pushed the pair above the $0.650 resistance zone. However, the bears were active near the $0.700 resistance zone. A high was formed near $0.7084 and the price started a downside correction. There was a move below the $0.6750 level.
The price declined below the 23.6% Fib retracement level of the upward wave from the $0.5685 swing low to the $0.7084 high. ADA price is now trading above $0.640 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at $0.6350 on the 4-hour chart of the ADA/USD pair. The trend line is near the 50% Fib retracement level of the upward wave from the $0.5685 swing low to the $0.7084 high.
Source: ADAUSD on TradingView.com
The bulls might remain active near the $0.6350 support. On the upside, immediate resistance is near the $0.6750 zone. The first resistance is near $0.692. The next key resistance might be $0.700. If there is a close above the $0.700 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.750 region. Any more gains might call for a move toward $0.80.
Downside Correction in ADA?
If Cardano’s price fails to climb above the $0.6750 resistance level, it could continue to move down. Immediate support on the downside is near the $0.6350 level.
The next major support is near the $0.6220 level. A downside break below the $0.6220 level could open the doors for a test of $0.600. The next major support is near the $0.5680 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.6350, $0.6220, and $0.6000.
Major Resistance Levels – $0.6750, $0.6920, and $0.7000.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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