Cardano (ADA) Rockets 15% Higher, Can Bulls Push Beyond $1.00?
Cardano price started a fresh increase from the $ 0.80 zone. ADA is now rising and might attempt a clear move above the $ 1.00 zone.
- ADA price started a fresh increase from the $ 0.80 support zone.
- The price is trading above $ 0.950 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $ 0.9350 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $ 1.00 resistance zone.
Cardano Price Eyes Steady Increase
After a sharp decline, Cardano found support near the $ 0.7650 zone and started a fresh increase, like Bitcoin and Ethereum. ADA was able to surpass the $ 0.80 and $ 0.850 resistance levels.
There was a clear move above the $ 0.850 and $ 0.950 resistance levels. Finally, the price traded close to the $ 1.00 level. A high was formed at $ 0.9880 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $ 0.7653 swing low to the $ 0.9880 high.
Cardano price is now trading above $ 0.950 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $ 0.9350 on the hourly chart of the ADA/USD pair.
Source: ADAUSD on TradingView.com
On the upside, the price might face resistance near the $ 0.9880 zone. The first resistance is near $ 1.00. The next key resistance might be $ 1.020. If there is a close above the $ 1.020 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $ 1.120 region. Any more gains might call for a move toward $ 1.150 in the near term.
Another Pullback In ADA?
If Cardano’s price fails to climb above the $ 1.00 resistance level, it could start another decline. Immediate support on the downside is near the $ 0.960 level.
The next major support is near the $ 0.9350 level and the trend line. A downside break below the $ 0.9350 level could open the doors for a test of $ 0.9120. The next major support is near the $ 0.880 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $ 0.960 and $ 0.9350.
Major Resistance Levels – $ 0.9800 and $ 1.00.