Cardano price started a consolidation phase near the $1.00 zone. ADA is holding onto gains and could target another surge above $1,050.
- The ADA price started a new increase from the $0.8800 zone.
- The price is trading above $0.950 and the 100-hourly moving average.
- A major bearish trendline is forming with resistance at $1,020 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could rise again if it breaks the $1,050 resistance zone.
Cardano Price looks at fresh wave
In recent days, Cardano saw a fresh rise above the USD 0.850 resistance. ADA remained in a positive zone like Bitcoin and Ethereum. There was a move above the USD 0.880 and USD 0.9250 resistance levels.
The price surpassed the 50% Fib retracement level of the downward move from the $1.150 swing high to the $0.8696 low. It even reached the $1.00 level. However, the bears are now active near the $1,050 zone. There is also a major bearish trendline forming with resistance at $1,020 on the hourly chart of the ADA/USD pair.
The trendline is close to the 61.8% Fib retracement level of the downward move from the $1.150 swing high to the $0.8696 low. Cardano price is now trading above $0.950 and the 100-hourly moving average.
On the upside, the price could encounter resistance near the $1,020 zone. The first resistance is near $1,050. The next major resistance could be at $1.0840. If there is a close above the resistance at $1.0840, the price could start a strong rally. In the said case, the price could rise towards the $1.1500 region. Further gains could require a move towards $1.20.
Are dips supported in ADA?
If Cardano price fails to rise above the USD 1,050 resistance level, it could trigger another decline. The immediate downside support is near the $0.9650 level.
The next major support is near the $0.9350 level. A downside break below the USD 0.9350 level could open the doors for a test of USD 0.880. The next major support is near the $0.8450 level, where the bulls could 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 – $0.9650 and $0.9350.
Major resistance levels – $1.0200 and $1.0500.
