Cardano (ADA) might be on the verge of significant growth due to a series of technical indicators shaping an optimistic outlook.
The Importance of the 200-day Moving Average for Cardano
ADA’s price has been steady around the 200-day moving average, currently at $0.7. This benchmark is often used to assess an asset's overall health. Currently, it serves as a support level, having contributed to a 5.67% price increase.
Formation of a Golden Cross
The 23-day moving average is nearing a crossover above the 50-day average, which can result in a golden cross pattern. This technical signal suggests short-term momentum may outpace the long-term trend, often leading to price increases.
Future Prospects for ADA Price
If the golden cross does occur and the 200-day moving average holds, the next targets could be $0.85 and then $1 per ADA coin. Otherwise, ADA might slide back toward $0.65, which would test investors’ patience.
Technical indicators point to potential growth for Cardano (ADA), but the outcome depends on the progression of the golden cross and the 200-day moving average support.
