Cardano's price is currently in a phase of consolidation above the $0.700 zone. The cryptocurrency, ADA, is holding its gains and there is potential for a fresh increase above the $0.7880 mark. Recently, ADA experienced a correction after rallying to $0.8200, stabilizing above $0.740 and the 100-hourly simple moving average.
A key technical event was a breakout above a short-term contracting triangle with resistance at $0.7550 on the ADA/USD hourly chart. The pair could see an upward movement if it surpasses the $0.7880 resistance zone, aiming for further gains.
Earlier, Cardano's price surged past significant resistance levels, outperforming Bitcoin and Ethereum with a high forming at $0.8199 before a pullback to $0.6880. The price now shows potential for another rally if it can clear the aforementioned resistances.
However, failure to move above $0.7880 could trigger another decline, with immediate support at $0.750 and major support at $0.740. Falling below $0.740 could test the $0.6880 and even further to $0.600 if bearish trends continue.
Technical indicators such as the MACD and RSI signal bullish momentum as ADA's price stands above critical moving averages, suggesting that bullish sentiment may prevail if resistance levels are effectively challenged.
