ADA Momentum Grows: Rally Has More Room

Cardano price surged over $1.00. ADA is consolidating and may rise over $1.1150.

From $1.1150, ADA price corrected downward.
The price is above $1.00 and the 100-hour SMA.

The hourly ADA/USD chart shows a short-term ascending channel with support at $1.075.

The pair might rise again if it breaks $1.1150 barrier.

Cardano Price Rises Again

Cardano surpassed Bitcoin and Ethereum after building a foundation over $0.80. ADA surpassed $0.90 and $1.00.

Bulls broke $1.120. Price is holding gains after hitting $1.1156. The price fell below $1.1120, but it maintained above the 23.6% Fib retracement level of the upward run from $0.8373 swing low to $1.1156 high.

Cardano is over $1.00 and the 100-hourly SMA. The hourly ADA/USD chart shows a short-term ascending channel with support at $1.075.

Price may find resistance at $1.10 on the upside. Initial resistance is about $1.1120. The next hurdle may be $1.1150. A closing above $1.1150 barrier might spark a powerful rise. The price might jump to $1.20 in this situation. More advances might lead to $1.250 soon.

ADA Downside Correction?

If Cardano fails to break $1.1120 barrier, it might fall again. Near $1.080 is immediate downside support.

Near $1.050 is the next key support. A break below $1.050 might target $0.975 or the 50% Fib retracement level of the bullish trend from $0.8373 swing low to $1.1156 high. The next significant support is $0.950, where bulls may appear.

Tech Indicators

Hourly ADA/USD MACD is rising in the positive zone.

Hourly RSI - ADA/USD's RSI is over 50.

Major Support Levels: $1.0800, $1.050.

Key Resistance Levels: $1.1120, $1.1150.

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