Cardano price began a consolidation phase near $1.00. ADA is holding on to gains and could target a fresh hike above $1.050.
- ADA price started a new rise in the $0.8800 area.
- The price is trading above $0.950 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, there is a major bearish trendline forming with resistance at $1.020 (data source from Kraken).
- Breaking out of the $1.050 resistance area, the pair could begin another rally.
Cardano Price Eyes Fresh Surge
Over the past few days, Cardano has shown fresh gains above the $0.850 resistance level. ADA remained in positive territory like Bitcoin and Ethereum. There was movement above the $0.880 and $0.9250 resistance levels.
The price broke above the 50% Fib retracement level moving down from the $1.150 swing high to the $0.8696 low. It even cleared the $1.00 level. However, the bears are currently active near $1,050. On the hourly chart of the ADA/USD pair, there is also a major bearish trend line forming with resistance at $1.020.
The trend line is close to the 61.8% Fib retracement level moving down from the $1.150 swing high to the $0.8696 low. Cardano price is currently trading above $0.950 and the 100-hour simple moving average.
On the positive side, the price may face resistance near $1.020. The first resistance is near $1.050. The next major resistance could be at $1.0840. If the price closes above the $1.0840 resistance, the price could begin a strong rally. If stated, the price may rise to the $1.1500 region. Any more profits may require a move towards $1.20.
Is deep supported in ADA?
If Cardano’s price fails to break above the $1.050 resistance level, another decline could begin. Immediate support for the downside is near the $0.9650 level.
The next major support is near the $0.9350 level. A bearish break below the $0.9350 level could open the door for a test of $0.880. The next major support is near the $0.8450 level where the bulls may emerge.
technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.9650 and $0.9350.
Key resistance levels – $1.0200 and $1.0500.