Cardano Price Consolidates Below $0.6650 After Recent Rally
Cardano price is consolidating below the $0.6650 zone, maintaining gains and potentially aiming for an increase above $0.6500.
- ADA price underwent a correction after rallying towards $0.6600.
- The price remains above $0.580 and the 100-hourly simple moving average.
- A key contracting triangle is forming with support at $0.5780 on the hourly chart of the ADA/USD pair (data from Kraken).
- An increase may occur if the price clears the $0.6060 resistance zone.
Cardano Price Consolidation
Recently, Cardano experienced significant growth, surpassing the $0.40 resistance level. ADA outperformed both Bitcoin and Ethereum, breaking through the $0.450 and $0.50 resistance levels.
The price peaked at $0.6620 and is currently consolidating. A minor decline occurred below $0.6120, dipping below the 23.6% Fibonacci retracement level from the $0.4277 swing low to the $0.6620 high.
Bulls remain active above $0.5500 and the 50% Fibonacci retracement level. Cardano is trading above $0.580 and the 100-hourly simple moving average.
A contracting triangle with support at $0.5780 is present on the hourly chart. Resistance may be encountered near the $0.6060 zone, with initial resistance at $0.6230 and subsequent resistance at $0.6450.
A close above $0.6450 could initiate a strong rally, targeting the $0.6800 region and possibly reaching $0.700.
Potential Further Losses in ADA
If Cardano fails to rise above the $0.6060 resistance, it may face another decline. Immediate support is near $0.5780.
The next significant support level is around $0.550, with a downside break potentially leading to a test of $0.5180. The major support level at $0.500 may attract buying interest.
Technical Indicators
Hourly MACD – The MACD for ADA/USD shows decreasing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is below the 50 level.
Major Support Levels – $0.5780 and $0.5500.
Major Resistance Levels – $0.6060 and $0.6450.