Cardano price started a decent increase above the $0.340 resistance, showing positive signs and potentially rising toward $0.380. ADA started a recovery wave from $0.3220 and is trading above $0.350 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.3430 on the hourly chart, sourced from Kraken. Cardano could continue to rise if it remains stable above the $0.3440 support zone. After forming a base above $0.330, Cardano surged, breaking past $0.3350 and $0.340 resistance levels.
The ADA/USD pair even spiked above $0.350, forming a high at $0.3587 before consolidating gains. The price is now above the 23.6% Fib retracement level of the upward move from $0.3300 to $0.3587.
On the upside, Cardano might face resistance near $0.3580, with key resistances at $0.3620 and $0.3650. A close above $0.3650 could trigger a strong rally towards $0.380, potentially moving as high as $0.400.
If ADA fails to climb above $0.3580, it might decline again, with immediate support at $0.350 and major support at $0.3440. Breaking below $0.3440 could lead to a test of $0.330, where bulls might step in again.
Technical indicators: the hourly MACD for ADA/USD is bullish, and the RSI is above 50. Major support levels are $0.3500 and $0.3440, while major resistance levels are $0.3580 and $0.3650.
