HomeAltcoin NewsCardano (ADA) Price Surging Higher, Likely To Surpass $0.1000

Cardano (ADA) Price Surging Higher, Likely To Surpass $0.1000

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  • ADA price rallied recently and broke the key $0.0720 and $0.0770 resistances against the US Dollar.
  • The price tested the $0.0885 resistance and remains supported on the downside near $0.0800.
  • There is a major bullish trend line forming with support at $0.0804 on the 4-hours chart (data feed via Kraken).
  • The price is likely to continue higher and the bulls could aim a break above the $0.1000 barrier.

Cardano price climbed higher above the $0.0800 pivot level against the US Dollar, and recovered vs bitcoin. ADA is currently holding gains and it could soon break the $0.1000 barrier.

Cardano Price Analysis

After testing the $0.0600 support area, cardano price started a strong rally against the US Dollar. The ADA/USD pair gained more than 20% and broke many resistances such as $0.0650, $0.0720 and $0.0770. The upward move was strong as the price even broke $0.0800 and settled well above the 55 simple moving average (4-hours). Finally, there was a push towards the $0.0900 level and the price traded as high as $0.0883. Recently, it corrected below $0.0860 level and the 23.6% Fibonacci retracement level of the rally from the $0.0770 low to $0.0883 high.

The price tested the $0.0835 level and it is currently moving higher. On the downside, the $0.0835 may continue to act as a support. The next key support is near $0.0827 and the 50% Fibonacci retracement level of the rally from the $0.0770 low to $0.0883 high. Moreover, there is a major bullish trend line forming with support at $0.0804 on the 4-hours chart. As long as the price is above the trend line, it could climb above $0.0880 and $0.0900. The main barrier for the bulls could be $0.1000, above which the price may test $0.1080.

Conversely, if there is a break below the trend line and $0.0800, the price may decline towards the $0.0770 support area. If there is a downside extension, the next stop could be $0.0745. It represents the 1.236 Fib extension level of the rally from the $0.0770 low to $0.0883 high.

Cardano Price Analysis ADA Price Chart

The chart indicates that ADA price is trading in a strong uptrend above $0.0825 and $0.0800. Therefore, there are high chances of more gains above the $0.0880 and $0.0900 levels. However, it won’t be easy for the bulls to gain strength above $0.0975 and $0.1000 if the price continues to rally. Above $0.1000, there could be a solid upside extension.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently placed heavily in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now well above the 65 level and it is moving towards 75.

Key Support Levels – $0.0825 and $0.0800.

Key Resistance Levels – $0.0880 and $0.1000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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