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Home»EXCHANGE NEWS»ADA price surges more than 35% in a matter of days, can bulls push Cardano to $1?
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ADA price surges more than 35% in a matter of days, can bulls push Cardano to $1?

By Crypto FlexsDecember 15, 20233 Mins Read
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ADA price surges more than 35% in a matter of days, can bulls push Cardano to ?
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Cardano (ADA) is trending upwards above the $0.60 resistance level. A clear move above the $0.685 and $0.700 resistance levels could push ADA higher.

  • ADA price is rising above the $0.600 pivot level.
  • The price is trading above $0.620 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the ADA/USD pair, there is a major bullish trend line forming with support near $0.6020 (data source from Kraken).
  • In the coming weeks, this pair may move higher to the $0.800 level or even $1.00.

Cardano price begins a new rebound

After forming a base above the $0.500 level, Cardano began a steady increase. There was a breakout ahead of Bitcoin and Ethereum above the $0.550 and $0.600 resistance levels.

ADA overcame many obstacles and even surged above $0.680. A new multi-week high was formed near $0.6802 and the price is currently on an upward trend. There was a slight decline below the 23.3% Fib retracement level of the upward move from the $0.5220 swing low to the $0.6802 high.

ADA is currently trading above $0.500 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.6020 on the 4-hours chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level rising from the $0.5220 swing low to the $0.6802 high.

Cardano price chart

Source: ADAUSD on TradingView.com

Meanwhile, immediate resistance is located near $0.660. The first resistance is near $0.685. The next major resistance could be $0.700. If the price closes above the $0.700 resistance, the price could begin a strong rally. If stated, the price may rise to the $0.80 region. A move towards $1.00 may be needed to generate further profits.

Are Dips restricted under the ADA?

If Cardano’s price fails to break above the $0.685 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.6200 level.

The next major support is near the $0.600 level and trend line. A break below the $0.600 level could open the door to a test of $0.5550. The next major support is near the $0.5220 level.

technical indicators

4-Hour MACD – The MACD for ADA/USD is losing momentum in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Key support levels – $0.620, $0.600, $0.555.

Key resistance levels – $0.685, $0.700, $0.800.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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