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

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