Cardano price started a consolidation phase below the $0.6650 zone. ADA is holding gains and might aim for a fresh increase above $0.6500.
- ADA price started a downside correction after a strong rally toward $0.6600.
- The price is trading above $0.580 and the 100-hourly simple moving average.
- There is a key contracting triangle forming with support at $0.5780 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $0.6060 resistance zone.
Cardano Price Consolidates Gains
In the past few days, Cardano saw a major increase above the $0.40 resistance. ADA outpaced Bitcoin and Ethereum. There was a move above the $0.450 and $0.50 resistance levels.
It even cleared the $0.600 level. A high was formed at $0.6620 and the price is now consolidating gains. There was a minor decline below the $0.6120 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.4277 swing low to the $0.6620 high.
However, the bulls are active above $0.5500 and the 50% Fib retracement level of the upward move from the $0.4277 swing low to the $0.6620 high. Cardano price is now trading above $0.580 and the 100-hourly simple moving average.
There is also a key contracting triangle forming with support at $0.5780 on the hourly chart of the ADA/USD pair. On the upside, the price might face resistance near the $0.6060 zone. The first resistance is near $0.6230. The next key resistance might be $0.6450.
If there is a close above the $0.6450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.6800 region. Any more gains might call for a move toward $0.700.
More Losses in ADA?
If Cardano’s price fails to climb above the $0.6060 resistance level, it could start another decline. Immediate support on the downside is near the $0.5780 level.
The next major support is near the $0.550 level. A downside break below the $0.550 level could open the doors for a test of $0.5180. The next major support is near the $0.500 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.5780 and $0.5500.
Major Resistance Levels – $0.6060 and $0.6450.
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Aayush Jindal
https://www.newsbtc.com/analysis/ada/cardano-ada-rally-0-60/
2024-11-12 04:58:37
