Cardano Price Consolidates Near $0.70 with Potential for Gains

Cardano (ADA) is currently consolidating near $0.70 after a recovery from the $0.620 zone.

ADA price began an upward trend from the $0.650 zone.
Current trading above $0.680 and the 100-hourly simple moving average.
A bearish trend line forms resistance at $0.7180 on the hourly chart.
A breakout above $0.720 could lead to further gains.

Resistance Levels

Cardano's price faced recent declines, dropping below $0.720 and $0.70. A low was established at $0.6826, followed by a rebound above $0.70. The price surpassed the 50% Fib retracement level of the decline from $0.7338 to $0.6826.

Current resistance is noted at:

$0.7150
$0.7180 (bearish trend line)
$0.7250
$0.750 (next significant resistance)

An increase past $0.750 may trigger a rally towards $0.780 and possibly $0.80.

Potential Decline

If ADA fails to break above $0.7150, it risks declining further, with immediate support at $0.70 and major support at $0.680. A drop below $0.680 could test $0.630, with additional support at $0.6175.

Technical indicators show:

MACD indicating bullish momentum
RSI above 50
Major Support Levels: $0.7000 and $0.680
Major Resistance Levels: $0.7150 and $0.7340