Cardano Breaks Out: Is ADA Gearing Up for a Major Comeback?
koinmilyoner
Updated at: 5 hours ago
{"content":"Cardano Breaks Out: Is ADA Gearing Up for a Major Comeback?
From $0.5650, Cardano price rose. ADA is consolidating and may climb over $0.5925.
ADA price rose from $0.5650 support.
The price is above $0.5750 and the 100-hour SMA.
ADA/USD broke above a bearish trend line with resistance at $0.5760 on the hourly chart.
If the pair breaks $0.600, it may rise again.
Cardano Price Could Rise
Cardano, like Bitcoin and Ethereum, rose from $0.5650 in recent sessions. ADA recovered over $0.5750 and $0.580 resistance.
Bulls broke the 50% Fib retracement barrier of the decline from $0.6107 swing high to $0.5630 low. In addition, the hourly ADA/USD chart broke over a negative trend line with resistance at $0.5760.
Cardano is above $0.5750 and the 100-hour SMA. The price may find resistance at $0.5925 on the upside. It is around the 61.8% Fib retracement of the $0.6107 swing high to $0.5630 low decline.
Around $0.60 is the initial resistance. The next hurdle may be $0.620. If price closes over $0.620 barrier, it might surge strongly. In this situation, the price may reach $0.650. If gains continue, $0.6650 may be next.
Another ADA Decline?
If Cardano fails to break $0.5920 barrier, it might fall again. The 100 hourly SMA and $0.5850 provide immediate downside support.
Near $0.5650 is the next important support. A drop below $0.5650 might challenge $0.5450. The next significant support is $0.5320, where bulls may appear.
Tech Indicators
Hourly ADA/USD MACD is rising in the positive zone.
Hourly RSI - ADA/USD's RSI is over 50.
Major Support Levels: $0.5850, $0.5650.
Major resistance levels: $0.5920, $0.6000.
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