Cardano Surges Past $1, Bulls Target $1.12

Cardano 's price has initiated a robust climb beyond the pivotal $1.00 threshold, ascending in a wave that suggests a potential trajectory above the $1.1150 mark. This movement follows a pattern of consolidation, with ADA showing signs of gearing up for another upward push.

Recently, ADA experienced a correction from the $1.1150 area but continues to trade above both the $1.00 level and the 100-hour simple moving average. As observed, a short-term ascending channel is evident with support positioned around $1.075 on the hourly chart of the ADA/USD pair, sourced from Kraken data. Clearing the $1.1150 resistance could propel the pair into a further upward trend.

Having secured a foothold above the $0.80 range, Cardano embarked on a bullish trajectory, outpacing major cryptocurrencies like Bitcoin and Ethereum. ADA's progress saw it surpass the $0.90 and $1.00 thresholds with vigor, even touching a high at $1.1156 before settling into a phase of gains consolidation.

Despite a minor dip below $1.1120, the price held firm above the key 23.6% Fibonacci retracement level, spanning the rise from the $0.8373 low to the $1.1156 peak. Presently, Cardano maintains its position above the $1.00 mark, reinforced by the 100-hourly simple moving average, and displays a short-term ascending channel with support at $1.075.

On the upper end, Cardano's price may encounter resistance near the $1.10 area. Primary resistance emerges in the vicinity of $1.1120, with the subsequent significant barrier at $1.1150. A decisive close beyond this point could ignite a vigorous rally propelling the price towards the $1.20 region. Further advances might target the $1.250 level in the short term.

Failure to surpass the $1.1120 resistance could trigger additional declines for Cardano. Immediate support lies near the $1.080 level, with the subsequent critical floor at $1.050. Breaching this could set the stage for a descent toward $0.975 or the 50% Fibonacci retracement level from the $0.8373 low to the $1.1156 peak. Bulls may also find a haven around the $0.950 mark.

The ADA/USD MACD is gaining traction within the bullish spectrum, while the Relative Strength Index (RSI) remains comfortably above 50. Key support levels are positioned at $1.0800 and $1.050, with major resistance levels identified at $1.1120 and $1.1150.