Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Cardano (ADA) Bulls Push for Breakout — Is a Sharp Rally Next?

Source Newsbtc

Cardano price started a fresh increase from the $0.620 zone. ADA is consolidating near $0.70 and eyes more gains above the $0.720 zone.

ADA price started a recovery wave from the $0.650 zone.
The price is trading above $0.680 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.7180 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $0.720 resistance zone.

Cardano Price Faces Resistance

In the past few sessions, Cardano saw a fresh decline from the $0.7350 level, like Bitcoin and Ethereum. ADA declined below the $0.720 and $0.70 support levels.

A low was formed at $0.6826 and the price is again moving higher. There was a move above the $0.70 level. The price cleared the 50% Fib retracement level of the recent decline from the $0.7338 swing high to the $0.6826 low.

Cardano price is now trading above $0.680 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7150 zone and the 61.8% Fib retracement level of the recent decline from the $0.7338 swing high to the $0.6826 low.

There is also a connecting bearish trend line forming with resistance at $0.7180 on the hourly chart of the ADA/USD pair. The first resistance is near $0.7250. The next key resistance might be $0.750.

If there is a close above the $0.750 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.780 region. Any more gains might call for a move toward $0.80 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.7150 resistance level, it could start another decline. Immediate support on the downside is near the $0.70 level.

The next major support is near the $0.680 level. A downside break below the $0.680 level could open the doors for a test of $0.630. The next major support is near the $0.6175 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 – $0.7000 and $0.680.

Major Resistance Levels – $0.7150 and $0.7340.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

AUD/USD: Current price action is likely the early stages of a recovery – UOB Group Australian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Author FXStreet

Jan 22, Wed

Australian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Bitcoin ETFs Rebound, But Inflows Hit 2025 Low | ETF News Bitcoin exchange-traded funds (ETFs) recorded a modest net inflow of $15 million last week, marking a significant turnaround from the previous week’s sharp outflows exceeding $713 million.

Author Beincrypto

Apr 21, Mon

Bitcoin exchange-traded funds (ETFs) recorded a modest net inflow of $15 million last week, marking a significant turnaround from the previous week’s sharp outflows exceeding $713 million.

Here Is Why Shiba Inu (SHIB) Could Reach a 4-Year High in Q2 2025 Shiba Inu is showing renewed strength, rising more than 16% over the last week of April. Despite a difficult year for meme coins, SHIB has held up better than major peers like BONK, PEPE, and DOGE.

Author Beincrypto

Yesterday 01: 57

Shiba Inu is showing renewed strength, rising more than 16% over the last week of April. Despite a difficult year for meme coins, SHIB has held up better than major peers like BONK, PEPE, and DOGE.

Tesla's Stock Soars Nearly 10%! US Eases Self-Driving Regulations, Boosting Competition with Chinese Manufacturers!Tesla benefits from the U.S. easing self-driving regulations. The stock surged 10%, reaching a new high since March 27.On Friday, April 25, Tesla Inc (TSLA) stock jumped 9.8%.

Author TradingKey

Yesterday 03: 51

Tesla benefits from the U.S. easing self-driving regulations. The stock surged 10%, reaching a new high since March 27.On Friday, April 25, Tesla Inc (TSLA) stock jumped 9.8%.

Dogecoin Price Breaks Resistance Trendline That Could Trigger Breakout Above $1 The Dogecoin price looks set to witness a breakout above the psychological $1 level, having broken a resistance trendline. Crypto analyst Trader Tardigrade provided a timeline for when this massive surge could happen as DOGE rallies to a new all-time high (ATH).

Author Bitcoinist

Yesterday 09: 49

The Dogecoin price looks set to witness a breakout above the psychological $1 level, having broken a resistance trendline. Crypto analyst Trader Tardigrade provided a timeline for when this massive surge could happen as DOGE rallies to a new all-time high (ATH).

Popular Symbols