Cardano price started a new surge above the $1.00 area. ADA is consolidating and could target a fresh increase above the $1.1150 level.
- ADA price started a downward correction in the $1.1150 area.
- The price is trading above $1.00 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, a short-term upward channel has formed with support at $1.075 (data source from Kraken).
- Breaking out of the $1.1150 resistance area, the pair could begin a further rise.
Cardano price begins a new surge
Cardano started a new rally, beating Bitcoin and Ethereum after forming a base above the $0.80 level. ADA surged above the $0.90 and $1.00 levels.
The rally even pushed the price above $1.120. A high was formed at $1.1156 and the price is now consolidating gains. Despite a slight decline below $1.1120, the price remained above the 23.6% Fib retracement level rising from the $0.8373 swing low to the $1.1156 high.
Cardano price is currently trading above $1.00 and the 100-hour simple moving average. On the hourly chart of the ADA/USD pair, there is also a short-term upward channel with support at $1.075.
On the other hand, the price may face resistance near $1.10. The first resistance is near $1.1120. The next major resistance could be at $1.1150. If the price closes above the $1.1150 resistance, the price could begin a strong rally. If stated, the price may rise to the $1.20 region. A short-term move to $1.250 may be necessary to see more profits.
Fixing the shortcomings of ADA?
If Cardano’s price fails to break above the $1.1120 resistance level, another decline could begin. Immediate support for the downside is near the $1.080 level.
The next major support is near the $1.050 level. A downside break below the $1.050 level could open the door to a test of $0.975 or the 50% Fib retracement level of the $0.8373 swing low to the $1.1156 high. The next major support is near the $0.950 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 – $1.0800 and $1.050.
Key resistance levels – $1.1120 and $1.1150.