ADA Rallied 20% And Could Soon Break $1: Price Analysis

ADA rallied 20% and it could soon even reach the $1 position as it underwent a strong surge above $0.8000. ADA is now consolidating and it could continue higher above the $1.00 resistance so let’s read more in our latest Cardano news.

ADA started a new surge above the $0.6500 and the $0.700 resistance level against the US Dollar with the price trading well above the $0.8500 and the 100 simple moving average. There’s a key bullish trend line forming with the support of $0.8520 on the 4-hour charts of the pair that could continue increasing above $0.9800 as ADA rallied 20%.

Over the past few days, Cardano’s price started a new rally and settled above the $0.500 level with the price rallying higher and breaking many important hurdles close to the $0.6500 and $7200 level, outperforming BTC. The bulls gained more strength above $0.800 and traded to a new high of $0.9518 and it is now trading well above the $0.800 and the 100 simple moving average. It tested the 23.6% fib retracement level from the rally at $0.7485 low to the $0.9518 high. The next major support is close to the $0.8500 level and it is close to the 50% fib retracement level from the rally at $0.7485 low to the $0.9518 high.

There’s also a key bullish trend line that formed near the $0.8250 level on the 4-hour charts of the pair. On the upside, the $0.9500 level is a major hurdle with the main resistance being near the $1.00 level. Breaking above the $0.9500 level and the $1.00 resistance could lead the price further higher and it could even test the $1.20 in the near-term. If Cardano’s price fails to clear the $0.9500 and the $0.1000 resistance levels it could correct lower with the initial support nearing the $0.8500 level.

The main support formed near the $0.8200 level and the trend line zone with a clear break below the trend line pushing the price lower to the $0.7200 support level in the next session. More losses could encourage the bears to test the $0.6500 level. The 4-hour MACD for the pair is gaining strong momentum in the bullish zone with the 4-hour RSI being in the overbought zone.

As reported earlier, The fourth-biggest cryptocurrency hit $0.87 which is the highest level in three years as the traders increased their bids for the top ETH rivals like Polkadot’s DOT, Avalanche’s AVAX, and Chainlink’s LINK. The traders flocked into the smart-contract platform in the growing hype about their operability in the DeFi space.