Cardano Surges 2% to $0.760, Faces Key Resistance

Cardano (ADA) has recently shown signs of a fresh increase, surpassing the $0.7250 zone and consolidating near the $0.760 zone. The cryptocurrency has been trading above $0.740 and the 100-hourly simple moving average, indicating a bullish trend. However, there is a key bearish trend line forming with resistance at $0.7580 on the hourly chart of the ADA/USD pair, which could hinder further upward movement.

In the past few days, Cardano saw a fresh increase from the $0.710 level, but it underperformed Bitcoin and Ethereum. ADA was able to clear the $0.7250 and $0.7320 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $0.7762 swing high to the $0.7110 low. However, the price is now approaching a couple of key hurdles on the upside, starting with $0.7580. There is also a key bearish trend line forming with resistance at $0.7580 on the hourly chart of the ADA/USD pair.

If Cardano’s price fails to climb above the $0.760 resistance level, it could start another decline. Immediate support on the downside is near the $0.7420 level. The next major support is near the $0.7260 level. A downside break below the $0.7260 level could open the doors for a test of $0.710. The next major support is near the $0.680 level where the bulls might emerge.

Technical indicators suggest that the MACD for ADA/USD is gaining momentum in the bullish zone, and the RSI for ADA/USD is now above the 50 level. Major support levels are at $0.7420 and $0.7260, while major resistance levels are at $0.7600 and $0.8000. If Cardano can clear the $0.760 resistance zone, it could start another increase, potentially rising toward the $0.80 region. Any more gains might call for a move toward $0.8250 in the near term.