Cardano (ADA) Rockets 15% Higher, Can Bulls Push Beyond $1.00?

Cardano price started a fresh increase from the $0.80 zone. ADA is now rising and might attempt a clear move above the $1.00 zone.

• ADA price started a fresh increase from the $0.80 support zone.
• The price is trading above $0.950 and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $0.9350 on the hourly chart of the ADA/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $1.00 resistance zone.

After a sharp decline, Cardano found support near the $0.7650 zone and started a fresh increase, like Bitcoin and Ethereum. ADA was able to surpass the $0.80 and $0.850 resistance levels.

There was a clear move above the $0.850 and $0.950 resistance levels. Finally, the price traded close to the $1.00 level. A high was formed at $0.9880 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.7653 swing low to the $0.9880 high.

Cardano price is now trading above $0.950 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.9350 on the hourly chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

On the upside, the price might face resistance near the $0.9880 zone. The first resistance is near $1.00. The next key resistance might be $1.020. If there is a close above the $1.020 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.120 region. Any more gains might call for a move toward $1.150 in the near term.

If Cardano’s price fails to climb above the $1.00 resistance level, it could start another decline. Immediate support on the downside is near the $0.960 level.

The next major support is near the $0.9350 level and the trend line. A downside break below the $0.9350 level could open the doors for a test of $0.9120. The next major support is near the $0.880 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.960 and $0.9350.

Major Resistance Levels – $0.9800 and $1.00.