Cardano's price has initiated a renewed surge, surpassing the $0.750 mark. The cryptocurrency, ADA, is now consolidating its gains and may be poised for another upward move, potentially targeting the $0.80 level.
Recently, ADA breached the $0.720 and $0.750 levels, establishing a bullish trend. The price is currently holding above $0.750 and the 100-hour simple moving average. Significantly, there was a move past a notable bearish trend line, encountering resistance around $0.770 on the ADA/USD hourly chart (source: Kraken). Clearing the $0.80 resistance could fuel further gains.
Cardano established a support base above $0.720 before embarking on a new rally, outperforming both Bitcoin and Ethereum. ADA successfully surpassed the $0.750 and $0.80 resistance zones and even briefly rose above $0.820. Following this ascent, a high was formed at $0.8286, which led to a downward correction. The price tested the $0.7620 level before resuming its upward trajectory, breaking through the $0.780 resistance.
Furthermore, ADA advanced beyond the 50% Fibonacci retracement level, which spanned the correction from the $0.8286 swing high to the $0.7621 low. A significant development was the breach of a key bearish trend line with resistance at $0.770 on the hourly chart of the ADA/USD pair. Currently, Cardano is trading above $0.780 and the 100-hour simple moving average.
On the upside, resistance may emerge near the $0.80 zone or the 61.8% Fibonacci retracement level, stemming from the downside correction between the $0.8286 high and $0.7621 low. Initial resistance is anticipated near $0.820, with the next critical barrier at approximately $0.850.
Should ADA break above the $0.850 resistance, it could trigger a robust rally, potentially propelling the price toward the $0.90 region, with the possibility of further movement toward $1.00 in the near term.
Conversely, if Cardano fails to surpass the $0.80 resistance, a decline might ensue. Immediate support is identified around $0.7750, with a more substantial support level near $0.7620. A downside breach below $0.7620 could pave the way for a test of the $0.750 level, while the next significant support rests at $0.720, where bullish activity might resume.
