Cardano (ADA) Rockets Over 60%, Crushing Bears in a Stunning Rally!

Aayush Jindal

3 months ago

2 mins read

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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.

If 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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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