The cost of Cardano has begun another rise, breaking past the $1.00 mark. Currently, it appears to be gathering strength, potentially targeting an upward jump beyond $1.1150.
- ADA price started a downside correction from the $1.1150 zone.
- The price is trading above $1.00 and the 100-hourly simple moving average.
- There is a short-term rising channel forming with support at $1.075 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.1150 resistance zone.
Cardano Price Starts Fresh Surge
Following an establishment of a new foundation above the $0.80 mark, Cardano experienced a new surge, outperforming both Bitcoin and Ethereum. The price of ADA climbed beyond the $0.90 and $1.00 thresholds.
The bulls managed to drive the price beyond $1.120, reaching a peak at $1.1156. Now, the price is holding steady as it consolidates its gains. There was a slight dip below $1.1120, but it didn’t last long, and the price remains above the 23.6% Fibonacci retracement line of the upward trend that started from the $0.8373 low and peaked at $1.1156 high.
Currently, the value of Cardano is being transacted above one U.S. dollar and is also higher than its 100-hour moving average. Additionally, a short-term rising trend line can be observed, with support at approximately $1.075 on the hourly chart for the ADA/USD pair.
Positively speaking, it’s possible that the price may encounter obstacles close to the $1.10 area. The initial barrier is found around $1.1120, followed by a significant one at $1.1150. If the price manages to surpass the $1.1150 resistance, it could initiate a robust upward trend. In this scenario, the price might ascend towards the $1.20 region. Any further growth might prompt an advance toward $1.250 in the immediate future.
Downside Correction in ADA?
Should the price of Cardano not surpass the $1.1120 barrier, it might initiate a new drop instead. A potential floor in case of a fall can be found around the $1.080 mark.
As a researcher, I find myself anticipating a significant level of resistance approaching $1.050. A potential breach below this point could pave the way for a retest at approximately $0.975 or the 50% Fibonacci retracement level of our recent upward journey from the $0.8373 swing low to the $1.1156 high. Should the price continue to decline, potential bullish activity may arise near the $0.950 level.
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 – $1.0800 and $1.050.
Major Resistance Levels – $1.1120 and $1.1150.
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2025-01-07 08:10