After breaking through the $0.70 barrier, Cardano's ADA is experiencing a price correction, facing challenges in surpassing the $0.780 level for another rally.
Cardano's price initiated a rally moving past the $0.70 and $0.720 thresholds. Currently, it is trading above $0.720 and maintaining position above the 100-hourly simple moving average. A key bullish trend line with support at $0.750 appears on the hourly ADA/USD chart, sourced from Kraken. A potential decline could occur if the price slips below the $0.7150 support area.
Cardano established a base above $0.650 before launching a renewed uptrend, outperforming both Bitcoin and Ethereum.
ADA successfully breached the $0.70 and $0.720 resistance points and momentarily climbed over the $0.80 mark, peaking at $0.8204. Since then, it has been adjusting gains and dipped below $0.80, descending past the 23.6% Fib retracement level from its rise from $0.6512 to $0.8204. Currently, bullish activity is present around $0.7550.
A significant bullish trend line at $0.750 provides further support according to the ADA/USD hourly chart. Presently, Cardano's price remains above both $0.7550 and the 100-hourly simple moving average.
Despite the upward trajectory, resistance may be encountered near $0.780, with initial hurdles around $0.800 and further significant resistance at $0.820. A close beyond the $0.820 resistance could trigger a robust rally, potentially driving the price toward $0.9150, with $1.00 possibly within reach in the short term.
Should Cardano's price struggle to surpass the $0.80 resistance, a decline may ensue. Immediate support levels are around $0.750 and aligned with the trend line. The next major support is near $0.7150, corresponding with the 61.8% Fib retracement from the $0.6512 low to the $0.8204 high. Falling below $0.7150 could lead to a test of $0.650, with substantial support near $0.6250 where bulls are likely to intervene.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.