Cardano Chart Update: ADA/USD rebounds from the recent low, gains 10%

Cryptocurrency Cardano (ADA) is changing hands at at $0.0786 at the time of writing. The coin has gained over 10.14% in the recent 24 hours, which is the sharpest daily growth since May 30. The upside momentum has taken Cardano's market capitalization to $2.B, or 0.76% of the total value of all digital assets in the circulation. During the last 24 hours, Cardano has bben trading in the range limited by  $0.0783 to $0.0804. In the recent 7 days Cardano decreased by 7.67% as the coin has been moving in sync with the market.

ADA/USD: Technical picture

ADA/USD bottomed at $0.0690 on June 15 and regained all the losses of the previous day by the time of writing. The price peaked at $0.0903 on June 4, after Charles Hoskinson announced the Shelly launch road map. Since that time, the coin has lost nearly 13% from the top; however the move still qualifies as a natural correction. 

The strong support is created by $0.0736, which is 23.6% Fibo retracement for the upside move from March 13 low to June 4 high. If it is broken, the sell-off may be extended towards June 15 low of $0.0690. This local barrier is followed by daily SMA50 currently at $0.0627, which is reinforced by 38.2% Fibo retracement for the above-said move.

ADA/USD daily chart

On the upside, the initial recovery may be limited by the psychological $0.0800. This barrier coincides with 1-hour SMA200 and serves as a strong local resistance as the coin has been trading below this MA since June 9. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high $0.0903.

ADA/USD 1-hour chart