In the last 24 hours, Cardano (ADA) has experienced a significant price increase, reaching over $0.72. This rise is attributed to the formation of a golden cross on the daily chart, which may signal a potential bullish trend.
Golden Cross Formation and Its Significance
The Moving Average Cross indicator on the daily chart shows ADA's Golden Cross formation. The short-term 9-day MA has crossed above the longer-term 20-day MA. This is typically seen as a bullish signal, suggesting potential upward price momentum and a shift towards a long-term bull market.
Price Dynamics and Market Support
As of this writing, ADA is trading at $0.7169, a 3.33% increase over the last 24 hours. Trading volume has also surged, reaching $757.95 million. The price chart indicates that ADA could maintain an upward trend if it breaks above the $0.7289 mark, targeting $0.76.
Cardano Ecosystem Developments
In the Cardano ecosystem, sentiment is bullish following Charles Hoskinson's recent reassurance that the original scaling roadmap has been completed. This could also positively influence ADA's price outlook going forward.
The formation of the golden cross and positive news from the Cardano ecosystem create conditions for potential price growth of ADA, although future dynamics will depend on the sustainability of current market sentiment.
