Cardano (ADA) Surges Over 60% to Consolidate Above $1.00

Cardano (ADA) has surged over 60%, currently consolidating near the $1.050 support zone.

ADA price rose above $0.70 and $0.90, now trading above $1.00 and the 100-hourly simple moving average.
A short-term contracting triangle is forming with resistance at $1.1450 on the hourly chart.
The price could increase if it surpasses the $1.150 resistance zone.

Price Movement Overview

Cardano found support around $0.580 after a decline and began a surge following a significant announcement. The price peaked at $1.1577 before consolidating gains.

The price tested the 23.6% Fib retracement level of the upward move from $0.6446 to $1.1577, remaining above $1.00 and the 100-hourly simple moving average.

Resistance levels are noted at $1.10 and $1.1450, with potential for a strong rally if $1.150 is cleared. Targets include $1.220 and possibly $1.250.

Potential Decline

If ADA does not exceed the $1.150 resistance, a decline may occur, with immediate support near $1.040 and major support at $1.00. A drop below $1.00 could lead to testing $0.90 and ultimately $0.80.

Technical Indicators

Hourly MACD indicates bullish momentum.
Hourly RSI is above 50.
Major support levels are $1.040 and $1.000.
Major resistance levels are $1.100 and $1.150.