Cardano Price Surges Above $1.00, Aiming for $1.1150 Resistance
Cardano price initiated a surge above the $1.00 level and is consolidating, potentially targeting an increase above the $1.1150 mark.
- ADA price corrected downward from the $1.1150 zone.
- The price remains above $1.00 and the 100-hourly simple moving average.
- A short-term rising channel is forming with support at $1.075 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair may experience further increases if it surpasses the $1.1150 resistance.
Cardano Price Surge Overview
Cardano established a base above the $0.80 level and began increasing, outperforming Bitcoin and Ethereum. ADA rose above both the $0.90 and $1.00 thresholds.
The price peaked at $1.1156 before consolidating gains. Following a minor decline below $1.1120, the price remained above the 23.6% Fib retracement level from the $0.8373 swing low to the $1.1156 high.
Currently, Cardano trades above $1.00 and the 100-hourly simple moving average, with a short-term rising channel in place, supported at $1.075.
On the upside, resistance is anticipated near the $1.10 area, with initial resistance around $1.1120 and significant resistance at $1.1150. A close above $1.1150 could trigger a substantial rally toward the $1.20 region, with potential for movement towards $1.250.
Potential Downside Correction for ADA
If Cardano's price does not exceed the $1.1120 resistance, a decline may occur. Immediate downside support is at $1.080, followed by major support near $1.050. A break below $1.050 could lead to testing the $0.975 level or the 50% Fib retracement level from the $0.8373 swing low to $1.1156 high, with additional support at the $0.950 level where buying interest might arise.
Technical Indicators
Hourly MACD – The MACD for ADA/USD shows increased momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is above the 50 level.
Major Support Levels – $1.0800 and $1.050.
Major Resistance Levels – $1.1120 and $1.1150.