Cardano (ADA) may be on the verge of forming a golden cross on its daily chart, creating hopes for a potential bullish trend.
Potential for a Golden Cross
In the coming days, Cardano's 50-day moving average (SMA) may cross above the 200-day SMA, indicating the potential formation of a golden cross. This chart pattern typically signals the start of a bullish movement in the market.
Current Market Situation
Currently, Cardano is trading at $0.7919. This dynamic is in line with the overall recovery of the crypto market, as a moderate rise in commodity prices has alleviated concerns about inflation. In July, inflation in the U.S. reached its highest level since the beginning of the year, with a 0.3% increase in the core consumer price index from June.
Future of Cardano
Historically, Cardano last witnessed a golden cross in November 2024, coinciding with a 312% price increase, suggesting that a similar pattern could lead to a target of $3.25 from the current price of $0.79. Additionally, ADA touched $0.51 twice in 2024, potentially reinforcing bullish sentiment.
The formation of a golden cross for Cardano may propel it upward, but it's important to remember that such signals do not guarantee success in the market.
