Cardano (ADA) is breaking over the $0.60 barrier level. If there is a clear move above the $0.685 and $0.700 resistance levels, ADA might surge even further.

  • The ADA price is rising above the $0.600 pivot mark.
  • The price is currently trading above $0.620 and the 100-hour simple moving average.
  • On the 4-hour chart of the ADA/USD pair, a key bullish trend line is forming with support near $0.6020 (data from Kraken).
  • In the next few weeks, the pair might rocket higher to $0.800 or possibly $1.00.

Cardano Price Restarts Rally

Cardano began to rise steadily after establishing a base above $0.500. The price broke through the resistance levels of $0.550 and $0.600, outpacing Bitcoin and Ethereum.

The ADA overcame numerous obstacles and even surpassed $0.680. Near $0.6802, a new multi-week high was achieved, and the price is now consolidating gains.

A slight drop occurred below the 23.3% Fib retracement level of the upward run from the $0.5220 swing low to the $0.6802 high.

ADA is currently trading above $0.500 and the 100-hour simple moving average. On the 4-hour chart of the ADA/USD pair, a key bullish trend line is formed with support near $0.6020.

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The trend line is at the 50% Fib retracement level of the uptrend from the $0.5220 swing low to the $0.6802 high.

ADAUSD
ADAUSD price chart (source: TradingView)

On the upside, immediate resistance is located near $0.660. The first barrier is located near $0.685. The next significant resistance level could be $0.700.

If the price closes over the $0.700 resistance, it could begin a major rally. In the indicated scenario, the price could rise to around $0.80. Any further advances may necessitate a move toward $1.00.

Are dips restricted under the ADA?

If Cardano’s price fails to rise above the $0.685 barrier level, it may begin to fall. On the downside, immediate support is near $0.6200.

The trend line and the $0.600 level are the next key supports. A break below $0.600 on the downside might lead to a test of $0.5550. The next significant support is near $0.5220.

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