Cardano price has started a novel surge above the $1.00 zone. ADA is consolidating and may aim to rise above the $1.1150 level again.
- ADA price started a downward correction from the $1.1150 zone.
- The price is holding above $1.00 and the 100-hour straightforward moving average.
- A short-term upward channel is forming on the hourly chart of the ADA/USD pair with support at USD 1.075 (data source Kraken).
- The pair could start another rally if it breaks the resistance zone at $1.1150.
Cardano price begins a novel surge
After creating a base above the $0.80 level, Cardano began a novel rally, beating Bitcoin and Ethereum. ADA rose above the $0.90 and $1.00 levels.
The bulls even pushed the price above $1,120. The maximum was formed at USD 1.1156 and the price is currently consolidating its gains. There was a slight decline below $1.1120, but the price remained above the 23.6% Fib retracement level resulting from the upward move from the low of $0.8373 to the high of $1.1156.
Cardano price is currently trading above $1.00 and the 100-hour straightforward moving average. There is also a short-term upward channel with support at $1.075 on the hourly chart of the ADA/USD pair.
On the other hand, the price may face resistance near the $1.10 zone. The first resistance is located near $1.1120. The next key resistance could be $1.1150. If there is a close above the resistance at $1.1150, the price could begin a robust rally. In the given case, the price may raise towards the $1.20 region. Continued gains could result in a move towards $1,250 in the near future.
Correction of inheritances in ADA?
If Cardano price fails to break above the resistance level at $1.1120, another decline could begin. Immediate downside support is located near the $1,080 level.
The next essential support is near the $1.050 level. A downside break below the $1.050 level could open the door to a test at $0.975 or the 50% Fib retracement level for an upward move from the low of $0.8373 to the high of $1.1156. The next major support is near the $0.950 level, where bulls may emerge.
Technical indicators
Hourly MACD – MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently above the 50 level.
Major support levels – $1.0800 and $1.050.
Major resistance levels – $1.1120 and $1.1150.
