Cardano (ADA) Under the Spotlight: Will It Overcome This Hurdle and Regain Its Momentum?

Cardano’s value has initiated a new climb, surpassing the $0.7250 mark. Currently, ADA is in a phase of consolidation and encountering challenges near the $0.760 level.

• The ADA price has begun a significant rise past the $0.7250 and $0.7320 thresholds.
• It is trading above $0.740, as well as above the 100-hour simple moving average.
• A notable bearish trend line is forming, presenting resistance at $0.7580 on the hourly chart for the ADA/USD trading pair.
• If the price can overcome the $0.760 resistance area, it may initiate another upward movement.

Cardano’s Price Aims for an Upside Break

Recently, Cardano experienced a notable increase from the $0.710 position, though it lagged behind Bitcoin and Ethereum. ADA effectively surpassed the resistance levels at $0.7250 and $0.7320.

The price has gone beyond the 50% Fibonacci retracement level for the recent decline, moving from the $0.7762 peak down to the $0.7110 low. Currently, it is approaching significant resistance hurdles, beginning with $0.7580. The bearish trend line is forming at this level on the hourly ADA/USD chart.

Cardano’s price is now comfortably positioned above $0.740 and the 100-hour simple moving average. However, it may encounter resistance in the vicinity of the $0.7580 mark and the trend line.

The initial resistance appears around $0.760, coinciding with the 76.4% Fibonacci retracement level from the recent decline between the $0.7762 peak and the $0.7110 low. The following key resistance could be at $0.7720. Should the price close above this level, a robust rally could be triggered, potentially pushing the price towards $0.80. Continued gains may lead to a target near $0.8250 in the near future.

Is Another Decline Possible for ADA?

If Cardano’s price is unable to breach the $0.760 resistance level, it may begin to retreat once more. Immediate downside support can be found near the $0.7420 level.

The next significant support level lies at approximately $0.7260. A drop beneath this could pave the way for a test of the $0.710 level. Should this support fail, the $0.680 mark may attract buying interest from bulls.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is building momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently above the 50 mark.

Major Support Levels – $0.7420 and $0.7260.

Major Resistance Levels – $0.7600 and $0.8000.