Cardano (ADA) On The Rise

Cardano started a decent increase from the $0.3800 support zone. ADA climbed above the $0.40 and $0.4050 resistance levels, outperforming Bitcoin and Ethereum.

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. 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.

#ADABullish #CardanoPredictions #US_Inflation_Easing_Alert #Megadrop #BinanceTournament