The humble Cardano (ADA) has begun to muster a recovery above the $0.720 mark. It seems as though ADA is taking a leisurely stroll, pausing to admire the $0.7380 scenery.
- ADA, the underdog, has commenced its bold recovery from the depths of $0.690.
- The valiant price is now trading above the $0.720 threshold and the 100-hourly simple moving average, as if it were a knight crossing a guarded bridge.
- A supportive, almost whimsical, bullish trend line is forming, providing a cushion of solace at $0.7385 on the hourly ADA/USD chart (courtesy of Kraken).
- Should ADA find the strength to breach the $0.7550 resistance, it might just summon the courage for another ascent.
In recent days, Cardano has embarked on a recovery journey from the $0.690 valley, much like the noble steed of Bitcoin and Ethereum. ADA has managed to climb above the $0.720 and $0.7320 resistance levels, as if scaling a series of modest yet daunting hills.
It even managed to conquer the $0.750 fortress, reaching a peak at $0.7661 before pausing to catch its breath. The price has since entered a period of quiet contemplation, just below the $0.750 level, as if deciding whether to press onward or take a well-deserved rest.
Currently, ADA is steadfastly holding its ground above $0.720 and the 100-hourly simple moving average. The aforementioned bullish trend line, a gentle guardian, provides a cushion of support at $0.7385 on the hourly chart of the ADA/USD pair.
Onward, the price may encounter resistance near the $0.750 zone. The first formidable obstacle lies at $0.7550, followed by the more imposing $0.7620. If ADA can summon the strength to break above $0.7620, it might just find itself on a path to the $0.80 horizon. Any further gains could lead to a ambitious journey toward $0.850.
However, should Cardano falter and fail to surmount the $0.7550 resistance, it might find itself on a downward slope. The immediate support on this potential decline is near the $0.7380 level and the trend line. The next significant support lies at $0.720, or the 61.8% Fib retracement level of the upward move from $0.6918 to $0.7661. A decisive break below $0.720 could open the gates to a test of $0.690. The bulls might find their footing again near the $0.6550 level.
Technical Indicators:
Hourly MACD – The MACD for ADA/USD is losing its bullish momentum, like a knight losing steam on a long march.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level, suggesting a moment of doubt and contemplation.
Major Support Levels – $0.7380 and $0.7200.
Major Resistance Levels – $0.7550 and $0.7620.
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2025-03-26 08:12