Cardano Price Consolidates Near $1.00 with Potential for Increase
Cardano (ADA) is currently in a consolidation phase around the $1.00 mark, with potential for an increase above $1.050.
- ADA price has increased from the $0.8800 zone.
- Current trading is above $0.950 and the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $1.020 on the hourly chart of the ADA/USD pair (data source: Kraken).
- A rise may occur if the price surpasses the $1.050 resistance level.
Cardano Price Eyes Fresh Surge
Recently, Cardano moved above the $0.850 resistance level, remaining positive alongside Bitcoin and Ethereum. It exceeded both the $0.880 and $0.9250 resistance levels.
The price has surpassed the 50% Fibonacci retracement level from the $1.150 swing high to the $0.8696 low, clearing the $1.00 threshold. However, selling pressure is evident near the $1.050 mark, coinciding with a key bearish trend line at $1.020.
This trend line aligns with the 61.8% Fibonacci retracement level of the same downward movement. Currently, Cardano is trading above $0.950 and the 100-hourly simple moving average.
On the upside, resistance is anticipated at $1.020, with initial resistance at $1.050 and subsequent resistance potentially at $1.0840. A close above $1.0840 could initiate a rally toward $1.1500, with possibilities of reaching $1.20.
Are Dips Supported in ADA?
If Cardano does not break above the $1.050 resistance, it may decline, with immediate support near $0.9650.
The next significant support level is around $0.9350. A drop below this could lead to testing the $0.880 level, with major support at $0.8450 where buying interest might emerge.
Technical Indicators:
Hourly MACD – Gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – Above the 50 level.
Major Support Levels – $0.9650 and $0.9350.
Major Resistance Levels – $1.0200 and $1.0500.