Previous article Cardano (ADA) price rebounds 15% to eye multi-month high near $1.00 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Cardano (ADA) price rebounds 15% to eye multi-month high near $1.00 Cardano (ADA) price rebounds 15% to eye multi-month high near $1.00 By - min read 16 February 2021 Cardano bulls are targeting an uptrend to recent highs near the psychological price level of $1.00 Cardano’s price is looking to break above $0.9000 after bulls recovered from extended downward action that had taken ADA to lows of $0.6862. Since its rebound to $0.7845, ADA price has recouped nearly 15% of its value against the US dollar. At the time of writing, Cardano is trading around $0.8949 and looks set to correct higher given the strong bounce observed over the past few hours. A new push above the immediate hurdle at $0.9000 will allow bulls to target the recent peak and the psychological $1.00 level. On the contrary, the technical picture suggests a break below $0.8200 could push prices $0.6800 or lower. Cardano price outlook Cardano’s price is trading above the upper trend line of a declining parallel channel that has restricted movement over the past five days. The channel formation resulted from the rejection at $0.9820. The breakout above the upper limit has added the likelihood of bulls strengthening in coming sessions. As seen on the 4-hour chart, ADA price has established support above the 20-day EMA ($0.8674) and the 0.618 Fibonacci retracement level of the downswing from $0.9820 high to $0.6862 low, which now acts as support at $0.8705. ADA/USD price 4-hour chart. Source: TradingView There is a bullish trend line forming on the 4-hour chart, which could help keep the uptrend intact. The MACD is suggesting bulls are gaining momentum as bulls begin to weaken, while the 4-hour RSI is looking to extend above the 50 level. This means that if bulls retain the upside advantage and break above $0.9000, they may only face one more hurdle at the 0.786 Fibonacci level ($0.9205) before hitting a new year-to-date peak. Buyers need a clear break above this hurdle, which would then call for more buy orders and open up a run to the multi-month peak of $0.9820. The momentum picked above the $0.9900 barrier could then propel buyers past the coveted $1.00 level. ADA/USD daily chart. Source: TradingView On the daily chart, ADA/USD is also trading higher. However, bulls face a strong challenge near $0.9000. If prices fail to clear this hurdle, the next flip would be to previous support at $0.8410. Beyond here, we could see ADA/USD decline to the 0.236 Fib level ($0.8218). Any more losses beyond these levels could invite further sell-side pressure and ignite a downside correction to the major support level at $0.6884 (4-hour 20-EMA). The 50-day EMA provides another robust support zone at $0.4927. Share this article Categories Analysis Tags Cardano News