Cardano (ADA) is consolidating gains above $0.635 and may target further upside above $0.70 resistance. Technical indicators suggest potential for more gains.

Following a steady climb above the resistance zone at $0.635, Cardano (ADA) appears to be gearing up for further gains. With consolidation of recent advances, ADA may set its sights on surpassing the $0.70 mark.

  • ADA's current price holds ground, encountering resistance near the $0.70 threshold.
  • Trading activity positions the price above $0.640, supported by the 100 simple moving average over a 4-hour period.
  • A significant bullish trend line is emerging, with a support level at $0.6350 observable on the 4-hour chart of the ADA/USD pair (data sourced from Kraken).
  • Should bullish momentum persist above the $0.6220 support, the pair could embark on a fresh uptrend.

Continued Momentum for Cardano Price

Following consolidation above the $0.5650 mark, Cardano initiated another upward trajectory. The journey saw ADA surpassing resistance levels at $0.600 and $0.6220, ushering it into a positive realm, akin to Bitcoin and Ethereum.

Bulls propelled the pair beyond the $0.650 resistance area. However, activity from bears near the $0.700 resistance zone ensued, resulting in a peak around $0.7084 before a corrective downturn. The price dipped below $0.6750.

Subsequent to this correction, ADA's price currently resides above $0.640, supported by the 100 simple moving average over a 4-hour period.

A crucial bullish trend line is in formation, with support at $0.6350 on the 4-hour ADA/USD chart. This trend line aligns closely with the 50% Fib retracement level of the recent upward swing.

Source: ADAUSD on TradingView.com

Market sentiment suggests continued bullish activity around the $0.6350 support level. On the upside, immediate resistance is noted near $0.6750, followed by $0.6920 and a crucial barrier at $0.7000. Surpassing this barrier could pave the way for a robust rally, potentially targeting the $0.750 region and beyond, even breaching $0.80.

Potential Correction for ADA?

If ADA fails to breach the $0.6750 resistance, downside movement may ensue. Immediate support is expected around $0.6350, with further support at $0.6220. A breach of this level might lead to a retest of $0.600, followed by major support at $0.5680.

Technical indicators reveal the MACD for ADA/USD is witnessing a slowdown in bullish momentum over a 4-hour period. Meanwhile, the RSI for ADA/USD currently hovers above the 50 level.

Major Support Levels – $0.6350, $0.6220, and $0.6000.

Major Resistance Levels – $0.6750, $0.6920, and $0.7000.