The digital currency ecosystem is gradually recovering from losses incurred at the beginning of the week, with Cardano in the spotlight.
Is a Golden Cross Expected for Cardano?
According to TradingView, the ADA/USDT movement on the three-hour chart is nearing the expected formation of a golden cross. With the nine-day moving average currently intertwined with the 26-day MA, key conditions for price appreciation are emerging.
Price $0.90: Possible Scenarios
The $0.90 price level has been a significant resistance point for several months. Although the coin reached a monthly high of $1.01, it has not managed to establish this zone as support. The market's aspiration towards higher price levels continues to encounter obstacles due to a general drawdown.
Key Metrics and Forecasts for Cardano
Among the positive indicators for Cardano, there is a noticeable increase in open interest in ADA on the derivatives market, which may improve the relative strength index (RSI) in the short term. Important metrics such as Cardano Foundation governance milestones and the emergence of the Midnight Network could help revive interest in the digital currency ecosystem. The long-term price projection for Cardano currently suggests a potential reach of $1.20.
At this moment, Cardano is in an interesting position for potential growth. Given the current market conditions, the upcoming actions and behavior of the price will be intriguing to observe.
