Cardano(ADA) Price Prediction: Is a Breakthrough Imminent or is a Pullback Coming? Key Levels Overview

Cardano(ADA) Recent Trend: Rebounded from the $0.5650 area

In the past few trading days, Cardano ( ADA ) price has followed the pace of Bitcoin ( BTC ) and Ethereum ( ETH ), launching a significant upward trend from the $0.5650 support area. ADA has successfully reclaimed the two key resistance levels of $0.5750 and $0.580.

ADA Bulls Show Strength: Key Technical Breakthrough

• The price has broken through the 50% Fibonacci retracement level of the drop from the swing high of $0.6107 to the low of $0.5630.
• On the hourly chart of ADA/USD, it successfully broke through the key bearish trendline resistance located at 0.5760 USD.
• The current price of ADA is trading above $0.5750 and the 100-hour simple moving average (SMA), with a short-term technical structure leaning towards positive.

ADA Price Upward Target: Where is the Key Resistance Level?

• Primary Resistance: $0.5920/$0.5925 Area - This position is close to the 61.8% Fibonacci retracement level of the aforementioned downtrend, serving as a critical touchstone for whether the bulls can sustain the upward momentum.
• Psychological Resistance: $0.60 - Successfully standing above this level will significantly boost market confidence.
• Strong Resistance: $0.620 - If ADA can achieve a daily level strong closing price breakthrough of the $0.620 resistance, it may open up a strong upward trend, targeting the $0.650 area, and even challenge $0.6650 in the short term.

What are the Key Support Levels for the Downward Risk of ADA Price?

• If ADA cannot break through the resistance at $0.5920, it may trigger a new round of Rebound.
• Recent Support: $0.5850 & 100-hour SMA - This is the first line of defense when the price pulls back.
• Main Support: $0.5650 Area - This area is the starting point of the recent rebound and is of great importance. If the $0.5650 support is effectively broken, it may open the door to a further decline to $0.5450.
• Next important support: $0.5320 - It is expected that bullish strength may regroup in this area, forming a potential rebound point.

ADA Technical Indicator Overview

• Hourly MACD Indicator: Currently in the Bullish Zone, and upward momentum is strengthening.
• Hourly RSI Indicator: The Relative Strength Index is currently above the 50 level, indicating that the market has a short-term dominance of buying power.

📍Summary of Key Support and Resistance for ADA

• Main support levels: $0.5850, $0.5650
• Main Resistance Levels: $0.5920, $0.6000