Cardano Price Surges 15% as It Approaches $1.00 Resistance
Cardano Price Movement Overview
- Cardano (ADA) is rising from the $0.80 support zone.
- Current trading price is above $0.950 and the 100-hourly simple moving average.
- A bullish trend line is forming with support at $0.9350 on the hourly chart.
- A potential move above the $1.00 resistance could lead to further gains.
Price Action Details
- After a decline, ADA found support near $0.7650 and began rising.
- It surpassed resistance levels at $0.80, $0.850, and $0.950, reaching a high of $0.9880.
- Currently consolidating above the 23.6% Fib retracement level of the recent upward move.
- Resistance levels include $0.9880, $1.00, and $1.020.
- A close above $1.020 may initiate a rally towards $1.120 or $1.150.
Potential Pullback Risks
- If unable to surpass $1.00, a decline may occur.
- Immediate support is near $0.960, followed by $0.9350 and the trend line.
- A break below $0.9350 could lead to testing $0.9120 and potentially $0.880.
Technical Indicators
- Hourly MACD indicates bullish momentum.
- Hourly RSI is above the 50 level.
- Major support levels are $0.960 and $0.9350.
- Major resistance levels are $0.9800 and $1.00.