Cardano's price has started a consolidation phase around the $1.00 area. ADA maintains its upward momentum and may aim to break through $1.050.
ADA price has started to rise again from the $0.8800 area.
The price is currently above $0.950 and the 100-hour simple moving average.
A critical bearish trend line has formed on the hourly chart of ADA/USD, with resistance at $1.020 (data source: Kraken).
If this currency pair breaks through the resistance area of $1.050, it may begin to rise again.
Cardano's price is expected to soar again
In the past few days, Cardano has broken the resistance level of $0.850 and has risen again. ADA, like Bitcoin and Ethereum, remains in a positive zone. It has broken through the resistance levels of $0.880 and $0.9250.
The price has broken through the 50% Fibonacci retracement level of the downtrend from the high of $1.150 to the low of $0.8696. It has even broken above the $1.00 level. However, bears are now active around the $1.050 area. A critical bearish trend line has also formed on the hourly chart of ADA/USD, with resistance at $1.020.
The trend line is approaching the 61.8% Fibonacci retracement level of the downtrend from the high of $1.150 to the low of $0.8696. Cardano's price is currently trading above $0.950 and the 100-hour simple moving average.
On the upside, the price may face resistance around the $1.020 area. The first resistance level is around $1.050. The next key resistance level could be $1.0840. If the closing price is above the resistance level of $1.0840, the price may start to rebound strongly. In this case, the price may rise to the $1.1500 area. If it rises further, the price may drop to $1.20.
Does ADA support dips?
If Cardano's price fails to break through the resistance level of $1.050, it may drop again. The direct support level on the downside is around $0.9650.
The next main support level is around $0.9350. If it drops below $0.9350, it may test $0.880. The next main support level is around $0.8450, where bulls may appear.
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.
Main support levels - $0.9650 and $0.9350.
Main resistance levels - $1.0200 and $1.0500.