Cardano price started a new rise in the $0.80 area. ADA is currently rising and could attempt a solid move above the $1.00 area.
- ADA price started a new increase near the $0.80 support 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 bullish trendline with support at $0.9350 (data source from Kraken).
- A break above the $1.00 resistance area could extend the upside.
Cardano price eye steady increase
After a sharp drop, Cardano found support near $0.7650 and started a new rally like Bitcoin and Ethereum. ADA was able to break above the $0.80 and $0.850 resistance levels.
There was a clear move above the $0.850 and $0.950 resistance levels. The price finally traded close to the $1.00 level. A high was formed at $0.9880 and the price is currently consolidating above the 23.6% Fib retracement level, rising from the $0.7653 swing low to the $0.9880 high.
Cardano price is currently trading above $0.950 and the 100-hour simple moving average. On the hourly chart of the ADA/USD pair, there is also a major bullish trendline with support at $0.9350.
Source: ADAUSD on TradingView.com
On the positive side, the price may face resistance near $0.9880. First resistance is near $1.00. The next major resistance could be at $1.020. If the price closes above the $1.020 resistance line, the price could begin a strong rally. If stated, the price may rise to the $1.120 region. A move towards $1.150 in the near-term may be needed for further gains.
Another setback for the ADA?
If Cardano’s price fails to break above the $1.00 resistance level, another decline could begin. Immediate support for the downside is near the $0.960 level.
The next major support is near the $0.9350 level and trend line. A bearish break below the $0.9350 level could open the door for a test of $0.9120. The next major support is near the $0.880 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 – $0.960 and $0.9350.
Key resistance levels – $0.9800 and $1.00.