ADA's Price Structure Exhibits Golden Cross Pattern: Is a Fracture Beyond $1 Possible?
In a thrilling turn of events, the cryptocurrency world's underdog, Cardano (ADA), is on a roll! The hourly chart recently displayed a golden cross, a technical phenomenon where the short-term moving average believes the long-term average, signaling a potential bullish trend on the horizon. As we speak, ADA is trading at $0.7857, marking a 7% uptick after bouncing back from a low of $0.72 to $0.7923. The trading volume has received a major boost, nearly doubling to an impressive $1.78 billion.
Looking at the 4-hour chart, ADA has successfully broken out of a bullish flag pattern that's been consolidating since April 24, 25 at $0.7452. This breakout occurred without even challenging the resistance zone at 0.7750. With this surge, the price is gradually edging towards its previously anticipated $1 target. However, it needs to clear the current resistance zone to sustain this rally. Today, ADA even reached a high of $0.80—quite a feat! If this golden cross materializes as predicted, ADA seems to be preparing for a wild run!
Diving deeper, Santiment's on-chain data reveals that Cardano's current rally has significantly boosted the percentage of its supply that's now in profit. Approximately 74.14% of ADA's circulating supply, around 26.91 billion tokens, is now held at a profit.
Moreover, according to TapTools, ADA has climbed up the rankings to become the second most distributed cryptocurrency, trailing only behind Bitcoin. Bitcoin has a capped supply of 21 million, while Cardano is still playin' with a larger deck, boasting a supply of 45 billion.
Now, let's not forget the drama surrounding Charles Hoskinson, Cardano's founder, who recently squashed the rumors about a whopping $619 million ADA scam. But that's a whole different story!
So, buckle up, because things are heating up in the world of ADA—might just be the start of something big!
As for the technical stuff behind the golden cross: a golden cross takes place when the short-term moving average (usually 50-day) soars above the long-term moving average (typically 200-day), promising a potential long-term bullish trend. This spellbinding event could shift investor sentiment and technical momentum, inciting more buyers to rush into the market! Keep your eyes peeled on ADA—it might just be the breakout star of the crypto world in 2025!
- The cryptocurrency world's underdog, Cardano (ADA), has shown a promising bullish trend with the hourly chart recently displaying a golden cross, indicating a potential long-term bullish trend.
- The trading volume of ADA has received a significant boost, nearly doubling to an impressive $1.78 billion, as the price is trading at $0.7857, marking a 7% uptick.
- Santiment's on-chain data reveals that Cardano's current rally has significantly boosted the percentage of its supply that's now in profit, with approximately 74.14% of ADA's circulating supply, around 26.91 billion tokens, now held at a profit.
- After climbing up the rankings, ADA is now the second most distributed cryptocurrency, trailing only behind Bitcoin, which has a capped supply of 21 million, while Cardano boasts a supply of 45 billion.
- If the golden cross materializes as predicted, ADA could shift investor sentiment and technical momentum, potentially making it the breakout star of the crypto world in 2025.
