Cardano price started a fresh recovery from the $0.780 zone. ADA is now rising and might attempt a clear move above the $0.840 zone.
- ADA price started a decent upward move from the $0.780 support zone.
- The price is trading above $0.8120 and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.8250 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $0.840 resistance zone.
Cardano Price Eyes Steady Increase
After a sharp decline, Cardano found support near the $0.780 zone and started a recovery wave, like Bitcoin and Ethereum. ADA was able to surpass the $0.80 and $0.8250 resistance levels.
Besides, there was a break above a short-term contracting triangle with resistance at $0.8250 on the hourly chart of the ADA/USD pair. Finally, the price traded close to the $0.840 level. A high was formed at $0.0.8395 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.7822 swing low to the $0.8395 high.
Cardano price is now trading above $0.8250 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.840 zone. The first resistance is near $0.860. The next key resistance might be $0.90. If there is a close above the $0.90 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.980 region. Any more gains might call for a move toward $1.00 in the near term.
Another Decline In ADA?
If Cardano’s price fails to climb above the $0.840 resistance level, it could start another decline. Immediate support on the downside is near the $0.0.8250 level.
The next major support is near the $0.0.8180 level and the 50% Fib retracement level of the upward move from the $0.7822 swing low to the $0.8395 high. A downside break below the $0.8180 level could open the doors for a test of $0.780. The next major support is near the $0.750 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.8180 and $0.7800.
Major Resistance Levels – $0.8400 and $0.9000.
