Cardano’s value has surged above the $1.00 mark, showing signs of consolidation and potentially setting up for a further push upwards past $1.1150.
After reaching the $1.1150 mark, ADA experienced a minor correction.
The current price remains above $1.00 and the 100-hourly simple moving average.
On the hourly chart of the ADA/USD pair (data source: Kraken), a short-term rising channel is seen with support at $1.075.
If ADA successfully breaks the $1.1150 resistance level, it could signal another upward movement.
Cardano’s Upward Trend Continues
Finding support above $0.80, Cardano has seen a notable surge in value, outperforming major cryptocurrencies like Bitcoin and Ethereum. ADA surpassed $0.90 and $1.00 levels.
The price even reached above $1.120, with a peak at $1.1156 before entering a consolidation phase. Despite a slight drop below $1.1120, the price remains above the 23.6% Fibonacci retracement level.
Currently, Cardano is trading above $1.00 and the 100-hourly simple moving average, forming a short-term rising channel with support at $1.075.
Resistance is anticipated near $1.10, followed by $1.1120 and $1.1150. Surpassing the $1.1150 level could trigger a significant rally towards the $1.20 region, potentially reaching $1.250 in the short term.
Possible Correction for ADA?
If Cardano struggles to surpass $1.1120, a downside movement could commence, with initial support around $1.080.
Further support lies near $1.050, and a break below this level might lead to a test of $0.975 or the 50% Fib retracement. The key support level is at $0.950, where bullish activity is expected.
Technical Indicators
Hourly MACD – ADA/USD’s MACD shows bullish momentum.
Hourly RSI (Relative Strength Index) – RSI for ADA/USD is above the 50 level.
Major Support Levels – $1.0800 and $1.050.
Major Resistance Levels – $1.1120 and $1.1150.
The post Cardano (ADA) Gains Momentum: Rally Poised for Further Growth appeared first on Crypto Breaking News.
