Cardano Price Consolidates Near $0.760 Resistance After Recent Increase
Cardano (ADA) has begun a price increase above $0.7250 and is currently facing resistance near $0.760.
- ADA price increased past $0.7250 and $0.7320.
- Current trading is above $0.740 and the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $0.7580 on the hourly chart.
- Clearing the $0.760 resistance could initiate further increases.
Price Movement Overview
Recent performance shows ADA rising from $0.710, although it lagged behind Bitcoin and Ethereum. The price surpassed the 50% Fib retracement level from $0.7762 to $0.7110 but faces hurdles ahead.
Current resistance levels are:
- $0.760 (76.4% Fib retracement)
- $0.7720
A close above $0.7720 may trigger a rally towards $0.80, with potential gains extending to $0.8250.
Potential Decline
If ADA fails to rise above $0.760, a decline could follow. Key support levels include:
- $0.7420
- $0.7260
A drop below $0.7260 might test $0.710, with further support at $0.680.
Technical Indicators
- MACD for ADA/USD shows bullish momentum.
- RSI is above 50, indicating strength.
Major support levels are at $0.7420 and $0.7260, while major resistance levels are at $0.7600 and $0.8000.