CandleFocus

Cardano (ADA) Jumps 10%: Is a $0.50 Retest on the Horizon?

Author: Content Editor
Cardano (ADA) has experienced a positive increase in price, surpassing various resistance levels. After forming a base above $0.3420, Cardano's price rose above $0.3650 and $0.380. Currently, the price is consolidating its gains and trading above the 23.6% Fib retracement level. It is also trading above the 100-hourly simple moving average and has formed a bullish trend line with support at $0.3810. However, it may face resistance near the $0.3900 zone, with the potential for further resistance at $0.3940 and $0.4200. If the price manages to close above $0.4200, it could initiate a strong rally towards $0.450 and even $0.500. On the other hand, failure to surpass the $0.3900 resistance could lead to a decline, with support levels at $0.3800 and $0.3650. The next major support is at $0.3420. Technical indicators, such as the hourly MACD and RSI, suggest a bullish trend for ADA.

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