Cardano price has entered a consolidation phase near the $1.00 zone. ADA maintains gains and could target a novel rally above $1,050.
- ADA price started a novel rally from the USD 0.8800 zone.
- The price is holding above $0.950 and the 100-hour basic moving average.
- A key bearish trend line is forming on the hourly chart of the ADA/USD pair with resistance at $1,020 (data source Kraken).
- The pair could start another rally if it breaks the resistance zone at $1,050.
Cardano Price sees a fresh surge
Over the past few days, Cardano has seen a fresh surge above the resistance at $0.850. ADA remained in the positive zone, as did Bitcoin and Ethereum. There has been a move above the USD 0.880 and USD 0.9250 resistance levels.
The price has breached the 50% Fib retracement level resulting from a downward move from the high of $1.150 to the low of $0.8696. It even broke the $1.00 level. However, bears are now lively near the $1,050 zone. A key bearish trend line is also forming on the hourly chart of the ADA/USD pair with resistance at $1.020.
The trendline is near the 61.8% Fib retracement level, a downward move from the $1.150 high to the $0.8696 low. Cardano price is currently trading above $0.950 and the 100-hour basic moving average.
On the other hand, the price may face resistance near the $1.020 zone. The first resistance is near $1.050. The next key resistance could be $1.0840. If there is a close above the resistance at $1.0840, the price could begin a robust rally. In the given case, the price may boost towards the USD 1.1500 region. Further gains may require a move towards $1.20.
Are inheritances supported in ADA?
If Cardano price fails to break above the resistance level at $1,050, another decline could begin. Immediate downside support is located near the $0.9650 level.
The next significant support is near the USD 0.9350 level. A downside break below the $0.9350 level could open the door to a test of the $0.880 level. The next major support is near the $0.8450 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 – USD 0.9650 and USD 0.9350.
Major resistance levels – $1.0200 and $1.0500.
