Cardano (ADA) has recorded a significant spike in its price, rising from $0.6856 to over $0.72 in the last 24 hours. The surge comes as the ninth-largest cryptocurrency by market capitalization recently formed a golden cross on the daily chart. This signals a shift in trend for the asset.
Cardano momentum picks up, price levels to watch
The Moving Average Cross indicator on the daily chart marks ADA’s Golden Cross formation. Notably, the short-term 9-day MA has now crossed above the longer-term 20-day MA.
This development is usually a bullish signal, as the golden cross suggests ADA has potential upward price momentum and a possible shift toward a long-term bull market. This usually comes with strong buying pressure and investor optimism.
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The last time Cardano registered a golden cross, ADA recorded a price surge, and investors made significant gains on the crypto market.
ADA is changing hands at $0.7169, a 3.33% increase in the last 24 hours as of this writing. Trading volume has also increased massively, 49.17% to $757.95 million.
ADA’s price chart shows that it could ride a bullish wave if it breaks above $0.7289 as it targets $0.76. ADA’s ability to retest the psychological $1 level will depend on its momentum to break the $0.82 resistance.
If ADA finds support at $1.10, it could see significant gains and potentially aim for $2 on the altcoin market. One thing ADA has going for it at the moment is support from market participants actively trading the asset per daily volume.
Ecosystem developments boost market sentiment
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As reported by U.Today, renowned analyst Ali Martinez has predicted that ADA could see a 27% bullish rally once it breaks. The golden cross positions ADA to ride a bullish wave if the momentum lingers in the coming days.
In the broader Cardano ecosystem, sentiment is bullish following Charles Hoskinson’s recent reassurance that the original scaling roadmap has been completed. This could also catalyze ADA’s price outlook moving forward.
Source: https://u.today/cardano-ada-golden-cross-finally-confirmed