Cardano (ADA) Struggles to Sustain Gains-Is the Uptrend in Trouble?
Cardano price started a fresh rally above the $0.70 zone. ADA is now correcting gains and struggling to start another increase above $0.780.
After forming a base above the $0.650 level, Cardano started a fresh rally beating Bitcoin and Ethereum. ADA was able to clear the $0.70 and $0.720 resistance levels.
It even surged above the $0.80 level. A high was formed at $0.8204 and the price is now correcting gains. There was a move below the $0.80 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.6512 swing low to the $0.8204 high.
However, the bulls are now active near the $0.7550 zone. There is also a key bullish trend line forming with support at $0.750 on the hourly chart of the ADA/USD pair.
Cardano price is now trading above $0.7550 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.780 zone. The first resistance is near $0.800. The next key resistance might be $0.820.
If there is a close above the $0.820 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.9150 region. Any more gains might call for a move toward $1.00 in the near term.
If Cardano’s price fails to climb above the $0.80 resistance level, it could start another decline. Immediate support on the downside is near the $0.750 level and the trend line.
The next major support is near the $0.7150 level or the 61.8% Fib retracement level of the upward move from the $0.6512 swing low to the $0.8204 high. A downside break below the $0.7150 level could open the doors for a test of $0.650. The next major support is near the $0.6250 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.7500 and $0.7150.
Major Resistance Levels – $0.8000 and $0.8200.
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