ADA Surges 60%: Cardano's Stunning Rally Crushes Bears

Cardano (ADA) has surged over 60% in a stunning rally, crushing bearish sentiments and reclaiming its position as one of the leading cryptocurrencies. The price of ADA started a fresh surge above the $0.70 and $0.90 levels, trading above $1.00 and the 100-hourly simple moving average. A short-term contracting triangle is forming with resistance at $1.1450 on the hourly chart of the ADA/USD pair, indicating a potential breakout.

After a significant decline, Cardano found support near the $0.580 zone and formed a base. The recent rally, which outperformed Bitcoin and Ethereum, was sparked by Trump's announcement of the crypto reserve. The price moved above the $0.70 and $0.90 levels, and even pumped the price above the $1.0 resistance. A high was formed at $1.1577, and the price is now consolidating gains after a minor decline below the $1.10 level.

The price tested the 23.6% Fib retracement level of the upward move from the $0.6446 swing low to the $1.1577 high. Cardano price is now trading above $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.10 zone, with the first resistance at $1.1450. The next key resistance could be $1.150.

If there is a close above the $1.150 resistance, the price could start a strong rally, potentially rising toward the $1.220 region. Any more gains might call for a move toward $1.250 in the near term. However, if Cardano's price fails to climb above the $1.150 resistance level, it could start another decline, with immediate support near the $1.040 level and major support at $1.00.

Technical indicators suggest a bullish trend for ADA/USD, with the MACD gaining momentum in the bullish zone and the RSI above the 50 level. Major support levels are at $1.0400 and $1.000