The Cardano (ADA) rally is on hold. Will it resume?

Cardano consolidation began below $0.6650. ADA is maintaining gains and may rise beyond $0.6500.

ADA began a negative retracement after rallying to $0.6600.

The price is above $0.580 and the 100-hour SMA.

A crucial contracting triangle with support at $0.5780 forms on the hourly ADA/USD chart.
The pair might rise again if it breaks $0.6060 barrier.

Cardano Price Holds Gains
Cardano surged beyond $0.40 barrier in recent days. ADA outperformed BTC and ETH. Above $0.450 and $0.50 resistance levels.

Even $0.600 was reached. Price is holding gains after hitting $0.6620. Below $0.6120, prices fell somewhat. The price fell below the 23.6% Fib retracement line of the $0.4277 swing low to $0.6620 high.

Bulls are aggressive above $0.5500 and the 50% Fib retracement line of the $0.4277 swing low to $0.6620 high. Cardano is above $0.580 and the 100-hour SMA.

The hourly ADA/USD chart shows a major contracting triangle with support at $0.5780. Price may find resistance at $0.6060 on the upside. At $0.6230, resistance begins. The next hurdle may be $0.6450.

A closure above $0.6450 barrier might spark a powerful surge. In this situation, the price may reach $0.6800. More increases might lead to $0.700.

More ADA losses?
If Cardano fails to break $0.6060 barrier, it might fall again. Near $0.5780 is immediate downside support.

Near $0.550 is the next key support. A drop below $0.550 might challenge $0.5180. The next significant support is $0.500, where bulls may appear.

Tech Indicators

Hourly MACD - ADA/USD MACD is losing negative momentum.

Hourly ADA/USD RSI is below 50.

Key Support Levels: $0.5780, $0.5500.

Major Resistance: $0.6060, $0.6450.

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