Cardano (ADA) started a fresh increase above the $0.9750 resistance. The price is showing bullish signs and might rally toward $1.25 or $1.32.
Cardano Price Eyes More Upsides
After a major downside correction, ADA price found support near the $0.7650 zone. A low was formed at $0.7641 and the price recently started a fresh increase, like Ethereum and Bitcoin. The price climbed above the $0.850 and $0.920 resistance levels.
The bulls pushed Cardano above the 50% Fib retracement level of the downward move from the $1.3276 swing high to the $0.7641 low. Besides, it cleared a major bearish trend line with resistance at $0.880 on the daily chart.
Cardano price daily price chart | Source: ADA/USD on TradingView.com
ADA price is now consolidating near the $1.05 level and is well above the 50-day simple moving average (blue). The current price action is positive and suggests high chances of more upsides.
Immediate resistance is near the $1.110 level or the 61.8% Fib retracement level of the downward move from the $1.3276 swing high to the $0.7641 low. To start a fresh increase, Cardano must clear the $1.110 resistance zone.
The first hurdle above $1.110 sits at $1.20. The main resistance is now forming near the $1.250 level. A close above the $1.250 zone could open the doors for more upsides. The next key resistance could be near the $1.320 zone. Any more gains might send ADA toward the $1.450 level.
Recently, Crypto Carbon Ratings Institute (CCRI) and Cardano Foundation released MiCA-compliant sustainability indicators for the Cardano Network, highlighting how Cardano employs an energy-efficient consensus protocol and consumes significantly less electricity compared to Proof of Work (PoW)-based protocols.
Another Decline In ADA?
If there is no move above $1.110, ADA price could start another decline. Immediate support is near the $1.045 level. The first major support is near the $1.00 level and the 50-day simple moving average (blue).
The next major support is near the $0.9750 pivot level, below which there is a risk of a drop toward the $0.80 level. Any more losses might increase selling pressure and send Cardano toward $0.7650.
Overall, ADA is consolidating and eyeing the next key move. If the bulls gain strength, Cardano could start a steady increase above the $1.110 and $1.20 resistance levels. Conversely, the price could revisit the $0.975 support zone.
The post Cardano (ADA) Ready To Surge: Key Signals Turn Bullish appeared first on Coinchapter.
