As a seasoned crypto investor with over a decade of experience in this volatile market, I find myself closely watching the current consolidation phase of Cardano (ADA) near the $1.00 zone. Having witnessed numerous bull and bear cycles, I can confidently say that ADA is holding gains and might aim for a fresh increase above $1.050.
The price of Cardano has entered a period of stabilization around the $1.00 region. Despite this, Cardano (ADA) continues to hold its recent gains and could potentially surge higher, targeting a new rise over the $1.050 mark.
- ADA price started a fresh increase from the $0.8800 zone.
- The price is trading above $0.950 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $1.020 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.050 resistance zone.
Cardano Price Eyes Fresh Surge
Over the last couple of days, the value of Cardano has surged beyond its previous resistance at $0.850. The digital coin has kept a favorable position similar to Bitcoin and Ethereum. It managed to break through the resistances at $0.880 and $0.9250.
The cost exceeded the 50% Fibonacci retracement point during the decline from the peak of $1.150 to the low of $0.8696, also crossing over the $1.00 mark. Yet, bears have recently become active around the $1.050 area. Additionally, a significant bearish trend line is forming with a resistance at $1.020 on the hourly chart for the ADA/USD pair, indicating potential downward pressure.
The graph’s slope is nearly touching the 61.8% Fibonacci retracement point during the decline from the peak at $1.150 to the low of $0.8696 in Cardano’s price. Currently, Cardano trades above $0.950 and also hovers above its 100-hour moving average.
Positively speaking, the price may encounter barriers to increase around the $1.020 area. The initial barrier lies at approximately $1.050, followed by a significant one at $1.0840. If the price manages to close above the $1.0840 barrier, it could initiate a robust uptrend. In such a scenario, the price might escalate towards the $1.1500 region. Further progress may even lead to a potential surge toward $1.20.
Are Dips Supported in ADA?
Should Cardano’s value not manage to surpass the $1.050 barrier, there’s a possibility of another drop. The nearest support can be found at approximately $0.9650 if it does decline.
If we fall below the $0.9350 mark, it may lead to a potential drop towards $0.880. However, significant support could be found at the $0.8450 level, which could encourage the bulls to re-enter the market.
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.
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2024-11-28 08:10