Cardano (ADA) Sees Momentum for Big Move

Cardano pricing began consolidating around $1.00. ADA is maintaining gains and may rise beyond $1.050.

From $0.8800, ADA price rose.
The price is above $0.950 and the 100-hour SMA.

On the hourly ADA/USD chart, a negative trend line with resistance at $1.020 is formed.

The pair might rise again if it breaks $1.050 barrier.

Cardano Price May Rise

Cardano rose over $0.850 barrier in recent days. ADA stayed bullish like Bitcoin and Ethereum. Above $0.880 and $0.9250 barrier levels.

The price broke the 50% Fib retracement barrier of the $1.150 swing high to $0.8696 low decline. Even $1.00 was reached. However, bears are active at $1.050. On the hourly ADA/USD chart, a negative trend line with resistance at $1.020 is formed.

The trend line approaches the 61.8% Fib retracement level of the $1.150 swing high to $0.8696 low decline. Cardano is above $0.950 and the 100-hour SMA.

The price may encounter resistance at $1.020 on the upside. Initial resistance is about $1.050. The next hurdle may be $1.0840. A closing above $1.0840 barrier might spark a powerful surge. In this situation, the price may reach $1.1500. More increases might lead to $1.20.

Does ADA Support Dips?
If Cardano fails to break $1.050 barrier, it might fall again. Near $0.9650 is immediate downside support.

Near $0.9350 is the next important support. A drop below $0.9350 might touch $0.880. The next significant support is $0.8450, where bulls may appear.

Tech Indicators

Hourly ADA/USD MACD is rising in the positive zone.

Hourly RSI - ADA/USD's RSI is over 50.

Major Support Levels: $0.9650, $0.9350.

Major resistance levels: $1.0200, $1.0500.

#ADA # Cardano $ADA
{spot}(ADAUSDT)