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12/15/2023

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ADA Price Surges Over 35% In Few Days, Can Bulls Pump Cardano To $1?

Cardano (ADA) is gaining pace above the $0.60 resistance. ADA could rally further if there is a clear move above the $0.685 and $0.700 resistance levels. ADA price is moving higher above the $0.600 pivot...

ADA Price Surges Over 35% In Few Days, Can Bulls Pump Cardano To $1?

Cardano (ADA) is gaining pace above the $0.60 resistance. ADA could rally further if there is a clear move above the $0.685 and $0.700 resistance levels.

  • ADA price is moving higher above the $0.600 pivot level.
  • The price is trading above $0.620 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.6020 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could accelerate higher toward the $0.800 level or even $1.00 in the coming weeks.

Cardano Price Starts Fresh Rally

After forming a base above the $0.500 level, Cardano started a steady increase. There was a break above the $0.550 and $0.600 resistance levels, outperforming Bitcoin and Ethereum.

ADA cleared many hurdles and even spiked above $0.680. A new multi-week high was formed near $0.6802 and the price is now consolidating gains. There was a minor decline below the 23.3% Fib retracement level of the upward move from the $0.5220 swing low to the $0.6802 high.

ADA is now trading above $0.500 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.6020 on the 4-hour chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.5220 swing low to the $0.6802 high.

Cardano Price ADA
Cardano Price Chart

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.660 zone. The first resistance is near $0.685. The next key resistance might be $0.700. If there is a close above the $0.700 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.80 region. Any more gains might call for a move toward $1.00.

Are Dips Limited in ADA?

If Cardano’s price fails to climb above the $0.685 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6200 level.

The next major support is near the $0.600 level and the trend line. A downside break below the $0.600 level could open the doors for a test of $0.5550. The next major support is near the $0.5220 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.620, $0.600, and $0.555.

Major Resistance Levels – $0.685, $0.700, and $0.800.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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