Cardano Price Surges After Golden Cross: Can ADA Hit $1.20 Next?
The post Cardano Price Surges After Golden Cross: Can ADA Hit $1.20 Next? appeared on BitcoinEthereumNews.com. Cardano price has triggered a historic bullish signal with its weekly golden cross formation. The action is coupled with a trendline breakout, a bounce at Fibonacci, and increasing momentum within an ascending wedge. With recent levels, analysts expect Cardano price to further rally to $0.66 and then to $1.20. Cardano Price Confirms Golden Cross Cardano price has completed a weekly golden cross, where the 50-week moving average crossed above the 200-week. This is historically considered a strong macro bullish signal. The cross comes after the ADA price held above a key support region near $0.56 and reclaimed the $0.63 level in recent trading sessions, further rising by over 13% to $0.7181. Crypto Rose Channel emphasized the importance of this signal in the general market. Weekly gold crosses are uncommon and usually lead the way into new rising phases. Cardano price’s previous attempts at recovery were capped by moving average resistance. This is the first time the Cardano price has flipped that resistance into support. Source: Crypto Rose Channel, X Notably, the traders and long-term holders regard this golden cross as a shift in market structure. This move suggests Cardano may now transition from accumulation to expansion, provided broader crypto sentiment stays positive. The top altcoin breakout is accompanied by an increase in volume, further proving the technical shift. Cardano Price Broke Descending Trendline In addition, ADA price has broken out of a multi-week descending trendline and is now trading within a tightening rising wedge. Suzzy DeFi reported that the breakout originally started with a recapture of the support line at $0.56, breaking out toward the $0.64 to $0.66 resistance range. Cardano price, at press time, traded at $0.7181, continuing to post higher lows across timeframes. ADA / USDT Chart | Source: Suzzy DeFi, X Additionally, Cardano wedge structure indicates growing…
The post Cardano Price Surges After Golden Cross: Can ADA Hit $1.20 Next? appeared on BitcoinEthereumNews.com.
Cardano price has triggered a historic bullish signal with its weekly golden cross formation. The action is coupled with a trendline breakout, a bounce at Fibonacci, and increasing momentum within an ascending wedge. With recent levels, analysts expect Cardano price to further rally to $0.66 and then to $1.20. Cardano Price Confirms Golden Cross Cardano price has completed a weekly golden cross, where the 50-week moving average crossed above the 200-week. This is historically considered a strong macro bullish signal. The cross comes after the ADA price held above a key support region near $0.56 and reclaimed the $0.63 level in recent trading sessions, further rising by over 13% to $0.7181. Crypto Rose Channel emphasized the importance of this signal in the general market. Weekly gold crosses are uncommon and usually lead the way into new rising phases. Cardano price’s previous attempts at recovery were capped by moving average resistance. This is the first time the Cardano price has flipped that resistance into support. Source: Crypto Rose Channel, X Notably, the traders and long-term holders regard this golden cross as a shift in market structure. This move suggests Cardano may now transition from accumulation to expansion, provided broader crypto sentiment stays positive. The top altcoin breakout is accompanied by an increase in volume, further proving the technical shift. Cardano Price Broke Descending Trendline In addition, ADA price has broken out of a multi-week descending trendline and is now trading within a tightening rising wedge. Suzzy DeFi reported that the breakout originally started with a recapture of the support line at $0.56, breaking out toward the $0.64 to $0.66 resistance range. Cardano price, at press time, traded at $0.7181, continuing to post higher lows across timeframes. ADA / USDT Chart | Source: Suzzy DeFi, X Additionally, Cardano wedge structure indicates growing…
What's Your Reaction?
