💥 ADA Rises 15% — Can Momentum Take It Beyond $1?
The price of Cardano resumed its rise from $0.80. ADA is increasing and may exceed $1.00.
From the support zone at $0.80, the price of ADA rose.
The price is above $0.950 and the 100-hour SMA.
In the hourly chart of ADA/USD, an upward trend line is forming with support at $0.9350.
If it breaks the $1.00 barrier, the pair could gain.
The Price of Cardano Awaits Growth
After a strong drop, Cardano regained support at $0.7650 and started to rise again, just like Bitcoin and Ethereum. ADA surpassed the resistance of $0.80 and $0.850.
Clear breakout above the barrier levels of $0.850 and $0.950. Finally, the price approached $1.00. The price is stabilizing above the 23.6% Fibonacci retracement level of the rise from the low of $0.7653 to the high of $0.9880.
Cardano is above $0.950 and the 100-hour SMA. In the hourly chart of ADA/USD, an upward trend line is forming with support at $0.9350.
The price may find resistance at $0.9880 at the top. Near $1.00 is the first resistance. The next obstacle may be $1.020. A close above the barrier of $1.020 could trigger a strong increase. In this situation, the price could reach $1.120. Further advances could lead to $1.150 soon.
Another Drop for ADA?
If Cardano fails to break the $1.00 barrier, it could drop again. Near $0.960 is the immediate downside support.
Close to $0.9350 and the trend line is the next important support. A drop below $0.9350 could test $0.9120. The next significant support is $0.880, where bulls could appear.
Technical Indicators
The hourly MACD of ADA/USD is rising in the positive zone.
The hourly RSI of ADA/USD is above 50.
Main Support Levels: $0.960, $0.9350.
Main Resistance Levels: $0.9800, $1.00.
#Cardano #ADA $ADA
