The price of Cardano started a new increase above the $1.00 area. ADA is consolidating and may aim for a new high above the $1.1150 level.
- ADA price started a lower correction from the $1.1150 area.
- The price is trading above $1.00 and the 100 hourly simple moving average.
- There is a short-term rising channel that is supported by $1.075 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair can start another rise if it clears the $1.1150 resistance area.
Cardano Price Begins New Surge
After making a base above the level of $0.80, Cardano started a new increase, beating Bitcoin and Ethereum. ADA rose above the $0.90 and $1.00 levels.
The bulls even pushed the price above $1.120. A high was formed at $1.1156 and the price is now covering gains. There was a slight drop below $1.1120, but the price remained above the 23.6% Fib retracement level of the upward move from the $0.8373 low to $1.1156 high.
The price of Cardano is now trading above $1.00 and the 100 hourly simple moving average. There is also a short-term bullish channel being formed supported by $1.075 on the hourly chart of ADA/USD.
On the other hand, the price may face resistance near the $1.10 area. Initial resistance is near $1.1120. The next key resistance would be $1.1150. If there is a close above the $1.1150 resistance, the price can start a strong rally. In the mentioned case, the price could rise to the $1.20 area. Any further gains would require a move to $1.250 in the near term.
Low Level Adjustments to the ADA?
If the price of Cardano fails to rise above the resistance level of $1.1120, it can start another decline. Immediate support on the downside is near the $1.080 level.
The next major support is near the $1.050 level. A break below the $1.050 level could open the doors to a test of $0.975 or the 50% Fib retracement level for an upward move from the $0.8373 low to $1.1156 high. The next major support is near the $0.950 level where the bulls may emerge.
Technical References
Hourly MACD – MACD of ADA/USD is gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $1.0800 and $1.050.
Major Resistance Levels – $1.1120 and $1.1150.