Cardano (ADA) is currently displaying signs of bullish momentum with the formation of a "golden cross" pattern on its hourly charts. This occurrence has generated excitement among traders and investors, leading to discussions about the future price direction of ADA.

A golden cross takes place when a shorter-term moving average, typically the 50-hour moving average, crosses above a longer-term moving average, like the 200-hour moving average, on a price chart. Technical analysts interpret this crossover as a positive sign, indicating a possible uptrend in the asset's price.

For Cardano, the recent bullish crossover on its hourly charts suggests a change in momentum towards the upside. This bullish pattern signifies growing buying pressure and hints at the potential for significant upward movement in ADA's price in the days ahead.

While golden crosses offer valuable insights into market sentiment and potential price trends, they are not always accurate indicators and should be combined with other technical and fundamental factors when making trading decisions.

At the time of writing, ADA had increased by 0.59% in the last 24 hours to reach $0.4575, although it had retraced some of its earlier gains. The coin experienced a notable decline on its hourly chart, indicated by a large red candlestick.

As the community eagerly anticipates further market developments, attention is focused on whether ADA can leverage the bullish golden cross and sustain its upward movement. A breakthrough above key resistance levels could signal a new bullish phase for ADA, while a failure to maintain momentum might result in more selling pressure.

In this context, a breach above $0.684 could initiate a fresh uptrend for ADA's price; conversely, continued selling pressure might find support around the $0.4 level.