Will Cardano (ADA) Become $ 1? Analyst Announced
Cardano’s price started a strong increase above $ 0.7000 and $ 0.8000. The ADA is consolidating gains and will likely continue above the $ 1.00 resistance. According to the technical analysis of NewsBTC’s Aayush Jindal:
- The ADA started a strong rise above the 0.6500 and 0.7000 resistance levels against the dollar.
- The price is currently trading well above $ 0.8500 and the 100 simple moving average (4 hours).
- There is an important bullish trend line formed with support near $ 0.8250 on the 4-hour chart of the ADA / USD pair (according to Bitfinex data).
- The pair is likely to continue to rise above $ 0.9500 and $ 0.9800 in the coming sessions.
Cardano (ADA) Rising
Over the past few days, Cardano’s price has started a strong upward trend after rallying above $ 0.5000. ADA price rose significantly and outperformed Bitcoin , breaking many key hurdles around $ 0.6500 and $ 0.7200.
The bulls strengthened above $ 0.8000 and rose to a new annual high from $ 0.9518. It is currently trading well above $ 0.8500 and the 100 simple moving average (4 hours). It also tested the 23.6% Fib retracement level of the recent rise from $ 0.7485 to 0.9515.
The next major support is near the $ 0.8500 level. This is near the 50% Fib retracement level of the last rise from $ 0.7485 to $ 0.9518.
There is also a key bullish trend line formed with support near $ 0.8250 on the 4-hour chart of the ADA / USD pair. On the upside, the $ 0.9500 level is a big hurdle. The main resistance is now near the $ 1.00 level.
A successful break above the $ 0.9500 and $ 1.00 resistance levels could possibly push the price higher. In the given case, the price can even test $ 1.20.
Will Cardano (ADA) Fall?
If Cardano’s price fails to cross the $ 0.9500 and $ 0.1000 resistance levels, it can make further corrections. Initial support is near the $ 0.8500 level.
The main support is currently forming near the $ 0.8200 level and the trendline zone. A clear break below the trendline support could lower the price towards the $ 0.7200 support level in the next session. Further losses could spur the bears to a test at the $ 0.6500 level.
- 4-hour MACD – The MACD for ADA / USD is clearly gaining strong momentum in the bullish zone.
- 4-hour RSI (Relative Strength Index) – The RSI for ADA / USD is currently in the overbought territory.
- Major Support Levels – $ 0.9000, 0.8500 and $ 0.8250.
- Major Resistance Levels – $ 0.2750, $ 0.2800 and $ 0.3000.