Cardano (ADA) Rockets Over 60%, Crushing Bears in a Stunning Rally!
Cardano price started a surge above the $0.70 zone. ADA is up over 60% and now consolidates near the $1.050 support zone.
- ADA price started a fresh surge above the $0.70 and $0.90 levels.
- The price is trading above $1.00 and the 100-hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $1.1450 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.150 resistance zone.
Cardano Price Skyrockets
After a major decline, Cardano found support near the $0.580 zone. ADA formed a base and recently started a fresh surge after Trump’s announcement of the crypto reserve. It rallied over 60%, outperforming Bitcoin and Ethereum .
There was a move above the $0.70 and $0.90 levels. The bulls even pumped the price above the $1.0 resistance. A high was formed at $1.1577 and the price is now consolidating gains. There was a minor decline below the $1.10 level.
The price tested the 23.6% Fib retracement level of the upward move from the $0.6446 swing low to the $1.1577 high. Cardano price is now trading above $1.00 and the 100-hourly simple moving average.
On the upside, the price might face resistance near the $1.10 zone. The first resistance is near $1.1450. There is also a short-term contracting triangle forming with resistance at $1.1450 on the hourly chart of the ADA/USD pair. The next key resistance might be $1.150.
Source: ADAUSD on TradingView.comIf there is a close above the $1.150 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.220 region. Any more gains might call for a move toward $1.250 in the near term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $1.150 resistance level, it could start another decline. Immediate support on the downside is near the $1.040 level.
The next major support is near the $1.00 level. A downside break below the $1.00 level could open the doors for a test of $0.90. The next major support is near the $0.80 level where the bulls might emerge.
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 – $1.0400 and $1.000.
Major Resistance Levels – $1.1000 and $1.1500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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