Cardano (ADA) Bulls in Action—Is a New Upside Run Beginning?

Cardano price has recently experienced a strong rally, surpassing the $0.750 level. ADA is currently consolidating its gains and may attempt to break above the $0.80 mark.

ADA’s price surged above $0.720 and $0.750 levels, and is now trading above $0.750 and the 100-hourly simple moving average.

A key bearish trend line at $0.770 was broken, indicating a positive trend for the ADA/USD pair.

If ADA clears the $0.80 resistance zone, it could potentially see another uptick in its value.

Cardano Price Surge Above $0.750

Following a strong base formation above $0.720, Cardano initiated a fresh rally outperforming Bitcoin and Ethereum. ADA successfully broke through the $0.750 and $0.80 resistance levels.

The price even reached as high as $0.8286 before experiencing a slight pullback to the $0.7620 region. Subsequently, ADA resumed its upward movement, surpassing the $0.780 resistance level. The 50% Fib retracement level of the previous downside correction was also breached.

Furthermore, a significant bearish trend line with resistance at $0.770 was broken, and ADA is currently trading above $0.780 and the 100-hourly simple moving average.

Looking ahead, the $0.80 zone and the 61.8% Fib retracement level could act as resistance levels, with the first hurdle at $0.820. A potential key resistance lies at $0.850, followed by a target at $0.90. Further gains may lead ADA towards the $1.00 mark in the near future.

If ADA fails to breach the $0.80 resistance, a downside movement could be expected. Immediate support is at $0.7750, followed by a major support level at $0.7620. A break below $0.7620 could lead to a test of $0.750, with strong support anticipated at $0.720.