Cardano Price Analysis: ADA Surges Above $1.00, Eyes Fresh Increase
Cardano’s price has experienced a significant surge, breaking above the $1.00 zone and consolidating gains. The ADA/USD pair is currently trading above $1.00 and the 100-hourly simple moving average, with a short-term rising channel forming on the hourly chart.
Recent Price Action
After establishing a base above the $0.80 level, Cardano’s price initiated a fresh increase, outperforming Bitcoin and Ethereum. The bulls pushed the price above the $0.90 and $1.00 levels, reaching a high of $1.1156. Although a minor decline occurred below $1.1120, the price remained above the 23.6% Fib retracement level of the upward move from the $0.8373 swing low to the $1.1156 high.
Technical Analysis
The hourly chart of the ADA/USD pair reveals a short-term rising channel with support at $1.075. On the upside, the price may encounter resistance near the $1.10 zone, with the first resistance level at $1.1120 and the next key resistance at $1.1150. A close above the $1.1150 resistance could trigger a strong rally, potentially pushing the price toward the $1.20 region. Further gains may lead to a move toward $1.250 in the near term.
Downside Correction Risks
If Cardano’s price fails to climb above the $1.1120 resistance level, it may initiate another decline. Immediate support on the downside is near the $1.080 level, followed by the next major support at $1.050. A downside break below the $1.050 level could lead to a test of $0.975 or the 50% Fib retracement level of the upward move from the $0.8373 swing low to the $1.1156 high. The next major support is near the $0.950 level, where the bulls may emerge.
Technical Indicators
* Hourly MACD: The MACD for ADA/USD is gaining momentum in the bullish zone. * Hourly RSI: The RSI for ADA/USD is now above the 50 level. * Major Support Levels: $1.0800 and $1.050. * Major Resistance Levels: $1.1120 and $1.1150.
Conclusion
In conclusion, Cardano’s price has experienced a significant surge, breaking above the $1.00 zone and consolidating gains. The ADA/USD pair is currently trading above $1.00 and the 100-hourly simple moving average, with a short-term rising channel forming on the hourly chart. While the price may encounter resistance near the $1.10 zone, a close above the $1.1150 resistance could trigger a strong rally. However, a downside correction is also possible if the price fails to climb above the $1.1120 resistance level.
Source: Newsbtc.com
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