Cardano Price Sees Upside Potential
After starting a fresh increase above the $0.7250 zone, ADA price is now consolidating and facing hurdles near the $0.760 zone. The price has shown a decent increase above $0.7250 and $0.7320, trading above $0.740 and the 100-hourly simple moving average. A key bearish trend line is forming with resistance at $0.7580 on the hourly chart of the ADA/USD pair.
If the pair clears the $0.760 resistance zone, it could start another increase. In recent days, Cardano saw an increase from the $0.710 level but underperformed Bitcoin and Ethereum. ADA was able to clear the $0.7250 and $0.7320 resistance levels, along with the 50% Fib retracement level of the recent decline from the $0.7762 swing high to the $0.7110 low.
On the upside, the price might face resistance near the $0.7580 zone and the trend line. The first resistance is near $0.760 or the 76.4% Fib retracement level, followed by $0.7720. A close above $0.7720 could lead to a strong rally towards the $0.80 region and potentially $0.8250 in the near term.
If ADA fails to climb above the $0.760 resistance level, another decline could occur. Immediate support is near $0.7420, with the next major support at $0.7260. A break below $0.7260 could test $0.710, with major support near $0.680 where bulls may emerge.
Technical indicators show the MACD for ADA/USD gaining momentum in the bullish zone, while the RSI for ADA/USD is above the 50 level. Major support levels are at $0.7420 and $0.7260, with major resistance levels at $0.7600 and $0.8000.