Cardano (ADA) Price Eyes Fresh Surge as It Started a Consolidation Phase Near the $1.00 Zone

In the past few days, Cardano saw a fresh increase above the $0.850 resistance. ADA remained in a positive zone like Bitcoin and Ethereum.

Cardano (ADA) price is showing signs of strength as it trades above the $1.00 zone. The bulls are aiming for a fresh increase above $1.050.

Cardano price is up by more than 20% in the past week. In the past few days, ADA saw a fresh increase above the $0.850 resistance. It remained in a positive zone like Bitcoin and Ethereum. There was a move above the $0.880 and $0.9250 resistance levels.

The price surpassed the 50% Fib retracement level of the downward move from the $1.150 swing high to the $0.8696 low. It even cleared the $1.00 level. However, the bears are now active near the $1.050 zone.

There is also a key bearish trend line forming with resistance at $1.020 on the hourly chart of the ADA/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $1.150 swing high to the $0.8696 low.

Cardano price is now trading above $0.950 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.020 zone. The first resistance is around $1.050. The next key resistance might be $1.0840.

If there is a close above the $1.0840 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.1500 region. Any more gains might call for a move toward $1.20.

Are Dips Supported in ADA? If Cardano’s price fails to climb above the $1.050 resistance level, it could start another decline. Immediate support on the downside is around the $0.9650 level.

The next major support is near the $0.9350 level. A downside break below the $0.9350 level could open the doors for a test of $0.880. The next major support is around the $0.8450 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 – $0.9650 and $0.9350.

Major Resistance Levels – $1.0200 and $1.0500.