Cardano

Momentum

Resistance

Gains

Cardano price started a steady increase above the $0.400 resistance. ADA is now consolidating gains and might aim for more gains above $0.4225. 
<ul> 
 <li>ADA price started a fresh increase and traded above $0.420.</li> 
 <li>The price is trading above $0.4120 and the 100-hourly simple moving average.</li> 
 <li>There are two key bullish trend lines forming with support at $0.4120 and $0.4080 on the hourly chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could start a fresh increase unless there is a close below the $0.40 support zone.</li> 
</ul> 
<h2 id="cardano-price-gains-traction">Cardano Price Gains Traction</h2> 
In the past few days, Cardano started a decent increase from the $0.3800 support zone. ADA climbed above the $0.40 and $0.4050 resistance levels, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-back-62k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-reverses-course-3400/" target="_blank" rel="noopener ">Ethereum</a>. 
It even cleared the $0.420 resistance and tested $0.4225. A high was formed at $0.4225 and the price is now consolidating gains. There was a move below the $0.4220 and $0.4200 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3782 swing low to the $0.4225 high. 
ADA price is now trading below $0.4120 and the 100-hourly simple moving average. There are also two key bullish trend lines forming with support at $0.4120 and $0.4080 on the hourly chart of the ADA/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627554 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461" alt="Cardano Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If there is another upward move, the price might face resistance near the $0.420 zone. The first resistance is near $0.4225. The next key resistance might be $0.4450. If there is a close above the $0.4450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4850 region. Any more gains might call for a move toward $0.50. 
<h2 id="downside-correction-in-ada">Downside Correction in ADA?</h2> 
If Cardano’s price fails to climb above the $0.4225 resistance level, it could continue to move down. Immediate support on the downside is near the $0.4120 level. 
The next major support is near the $0.4080 level and the second trend line. A downside break below the $0.4080 level could open the doors for a test of $0.400. The next major support is near the $0.3880 level. 
Technical Indicators 
Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. 
Major Support Levels – $0.4120 and $0.4080. 
Major Resistance Levels – $0.4200 and $0.4225.

Cardano (ADA) On The Rise: Exploring Upward Momentum and Bullish Prospects

Table of Contents

NewsBTC

Other articles published on Jul 3, 2024

DeFi protocol Clearpool launches on Coinbase’s Base blockchain

UK voters call for candidates to consider crypto as election looms

Corporate Whales Have Been Active in Recent Hours: They Made Large Sales in 6 Different Altcoins,...

Zoho price update: “The economy gave us no choice”- country manager, Kehinde Ogundare

Is Hong Kong’s Strict Crypto Regime Stifling Innovation? Lawmakers Call for Review

Cobo Integrates The Open Network

Join our free newsletter for daily crypto updates!