Cardano Price Recovers Above $0.720 with Key Resistance at $0.7550
Cardano (ADA) Price Update
- ADA began a recovery from the $0.690 zone, currently trading above $0.720.
- Support is forming at $0.7385 with a bullish trend line on the hourly chart.
- A resistance level exists at $0.7550; clearing this could trigger further increases.
- Recent high reached $0.7661; however, ADA is consolidating gains and dipped below the 23.6% Fib retracement level.
- If unable to breach $0.7550, potential downside support is at $0.7380 and $0.720.
- A break below $0.720 may lead to testing $0.690 and possibly $0.6550.
Technical Indicators
- Hourly MACD indicates weakening bullish momentum.
- Hourly RSI is below the 50 mark.
- Key support levels are at $0.7380 and $0.7200; resistance levels at $0.7550 and $0.7620.