Cardano's price has started a new round of increase from the $0.80 area. ADA is currently in an upward trend and may attempt to break through the $1.00 area.

  • ADA's price has started to rise again from the support area of $0.80.

  • The price is trading above $0.950 and the 100-hour simple moving average.

  • On the hourly chart for ADA/USD, a key bullish trend line is forming, with support at $0.9350 (data from Kraken).

  • If it breaks through the resistance area of $1.00, this currency pair may continue its upward trend.

Cardano's price is expected to rise steadily.

After a significant decline, Cardano found support around $0.7650 and began a new round of increase like Bitcoin and Ethereum. ADA successfully broke through the resistance levels of $0.80 and $0.850.

The price has clearly broken through the resistance levels of $0.850 and $0.950. Ultimately, the price is approaching the level of $1.00. The peak formed at $0.9880, and the current price is consolidating above the 23.6% Fibonacci retracement level from the low of $0.7653 to the high of $0.9880.

Cardano's price is currently above $0.950 and the 100-hour simple moving average. On the ADA/USD hourly chart, a key bullish trend line is also forming, with support at $0.9350.

On the upside, the exchange rate may face resistance near $0.9880. The first resistance level is around $1.00. The next key resistance level may be $1.020. If the closing price breaks above the $1.020 resistance level, the exchange rate may initiate a strong rebound. In this case, the exchange rate could rise towards the $1.120 area. If the exchange rate continues to rise, the target price may be pushed towards $1.150 in the short term.

Is ADA pulling back again?

If Cardano's price fails to break above the $1.00 resistance level, it may trigger a new round of decline. The direct support level on the downside is around $0.960.

The next major support level is around $0.9350 and near the trend line. If it breaks below $0.9350, it could open the door to test $0.9120. The next major support level is around $0.880, where buyers may appear.

Technical indicators

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

The hourly RSI (Relative Strength Index) - The RSI for ADA/USD is now above the level of 50.

Major support levels - $0.960 and $0.9350.

Major resistance levels - $0.9800 and $1.00.