Cardano’s price began a phase of consolidation near $1.00. ADA holds gains and may aim for a new increase over $1.050.
- ADA’s price has increased from $0.8800 to the current zone.
- Price is above the simple 100-hour moving average and $0.950.
- On the hourly chart for the ADA/USD, there is a major bearish trendline with a resistance of $1.020 (data from Kraken).
- It is possible that the pair will start a new increase once it has cleared resistance of $1.050.
Cardano Price Eyes Fresh Surge
Cardano has seen a new increase in the last few days above the resistance of $0.850. ADA stayed in a favorable zone as Bitcoin You can also find out more about the following: Ethereum. A move was made above resistance levels $0.880 & $0.9250.
It even cleared the $1.00 level. The price even broke the $1.00 mark. The bears, however, are active now near the $1.00 zone. On the hourly chart for the ADA/USD, there is also a bearish trendline forming at resistance of $1.020.
The trendline is near the Fib retracement of the decline from the swing high at $1.150 to the low at $0.8696. Cardano’s price has now risen above the 100 hourly simple moving-average and is trading over $0.950.
The price could face a resistance at the $1.0020 area. First resistance near $1.50. Next, the key resistance could be at $1.0840. A close above $1.0840 could trigger a powerful rally. If the case is stated, then the price may rise towards the region of $1.1500. If there are any more gains, the price could move towards $1.20.
Do Dips support ADA?
Cardano could experience another drop if it fails to rise above $1.050. Near the $0.9650 support level, there is immediate support for the downside.
Near the level of $0.9350, we find our next significant support. If the level of $0.9350 is breached, it could lead to a possible test at $0.880. Near the $0.8450 support level, the next significant resistance is where bulls may emerge.
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.
Major Support Levels – $0.9650 and $0.9350.
Major Resistance Levels – $1.0200 and $1.0500.
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Source: www.newsbtc.com
