{"id":19735,"date":"2024-11-12T04:58:37","date_gmt":"2024-11-12T04:58:37","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=19735"},"modified":"2024-11-12T04:58:37","modified_gmt":"2024-11-12T04:58:37","slug":"cardano-ada-rally-on-hold-will-it-break-out-again-soon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=19735","title":{"rendered":"Cardano (ADA) Rally on Hold: Will It Break Out Again Soon?"},"content":{"rendered":"

Cardano price started a consolidation phase below the $0.6650 zone. ADA is holding gains and might aim for a fresh increase above $0.6500.<\/em><\/p>\n

ADA price started a downside correction after a strong rally toward $0.6600.
\nThe price is trading above $0.580 and the 100-hourly simple moving average.
\nThere is a key contracting triangle forming with support at $0.5780 on the hourly chart of the ADA\/USD pair (data source from Kraken).
\nThe pair could start another increase if it clears the $0.6060 resistance zone.<\/p>\n

Cardano Price Consolidates Gains<\/h2>\n

In the past few days, Cardano saw a major increase above the $0.40 resistance. ADA outpaced Bitcoin<\/a> and Ethereum<\/a>. There was a move above the $0.450 and $0.50 resistance levels.<\/p>\n

It even cleared the $0.600 level. A high was formed at $0.6620 and the price is now consolidating gains. There was a minor decline below the $0.6120 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.4277 swing low to the $0.6620 high.<\/p>\n

However, the bulls are active above $0.5500 and the 50% Fib retracement level of the upward move from the $0.4277 swing low to the $0.6620 high. Cardano price is now trading above $0.580 and the 100-hourly simple moving average.<\/p>\n

There is also a key contracting triangle forming with support at $0.5780 on the hourly chart of the ADA\/USD pair. On the upside, the price might face resistance near the $0.6060 zone. The first resistance is near $0.6230. The next key resistance might be $0.6450.<\/p>\n

<\/a><\/p>\n

If there is a close above the $0.6450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.6800 region. Any more gains might call for a move toward $0.700.<\/p>\n

More Losses in ADA?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.6060 resistance level, it could start another decline. Immediate support on the downside is near the $0.5780 level.<\/p>\n

The next major support is near the $0.550 level. A downside break below the $0.550 level could open the doors for a test of $0.5180. The next major support is near the $0.500 level where the bulls might emerge.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for ADA\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.5780 and $0.5500.<\/p>\n

Major Resistance Levels \u2013 $0.6060 and $0.6450.<\/p>","protected":false},"excerpt":{"rendered":"

Cardano price started a consolidation phase below the $0.6650 zone. ADA is holding gains and might aim for a fresh increase above $0.6500. ADA price started a downside correction after a strong rally toward $0.6600. The price is trading above $0.580 and the 100-hourly simple moving average. There is a key contracting triangle forming with […]<\/p>\n","protected":false},"author":0,"featured_media":19736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19735"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19735"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/19736"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}