The price of the popular cryptocurrency Cardano (ADA) has increased by more than 19% today, continuing the upward trend that started in November and has already led to a 102% rise.
Cardano (ADA) Price Surge
Currently, the Cardano token is priced at $0.69, reaching levels not seen since March this year. The token's price surge is impressive, yet it might not mark the end of the current trend.
Golden Cross on the Horizon
A so-called 'golden cross' is beginning to form on ADA's daily price chart. This bullish pattern occurs when the shorter moving average, usually the 50-day, crosses the longer one, typically the 200-day, from below.
Outlook for Cardano
The golden cross could signal a continuation of the rally in ADA's price. The last time this pattern appeared, it preceded a 120% price increase over the subsequent three months.
If Cardano replicates last year's success, this could lead to significant changes in the price dynamics of one of the largest and most popular cryptocurrencies.
