Cardano (ADA) Price Targeting New Upside Break Above the $0.7500 Zone

In the past few days, Cardano saw a fresh increase from the $0.7000 level, but it underperformed Bitcoin and Ethereum.

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Cardano price started a fresh increase above the $0.7250 zone. ADA is now consolidating and facing hurdles near the $0.760 zone.

Cardano Price Eyes Upside Break

In the past few days, Cardano saw a fresh increase from the $0.710 level, but it underperformed Bitcoin and Ethereum. ADA was able to clear the $0.7250 and $0.7320 resistance levels.

The price cleared the 50% Fib retracement level of the recent decline from the $0.7762 swing high to the $0.7110 low. However, the price is now approaching a couple of key hurdles on the upside, starting with $0.7580. There is also a key bearish trend line forming with resistance at $0.7580 on the hourly chart of the ADA/USD pair.

image: TradingView

Cardano price is now trading above $0.740 and the 100-hourly simple moving average. 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 of the recent decline from the $0.7762 swing high to the $0.7110 low. The next key resistance might be $0.7720. If there is a close above the $0.7720 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.80 region. Any more gains might call for a move toward $0.8250 in the near term.

Another Decline In ADA?

If Cardano’s price fails to climb above the $0.760 resistance level, it could start another decline. Immediate support on the downside is near the $0.7420 level.

The next major support is near the $0.7260 level. A downside break below the $0.7260 level could open the doors for a test of $0.710. The next major support is near the $0.680 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.7420 and $0.7260.

Major Resistance Levels – $0.7600 and $0.8000.