Cardano Prints Golden Cross on Hourly Chart
- Cardano forms a golden cross on the hourly chart, signaling fading selling pressure and potential bullish momentum.
- ADA trades at $0.80, with key resistance at $0.86 and $0.94 before retesting the $1 level.
- A $71M treasury allocation for upgrades like Hydra and Project Acropolis adds strong fundamental support.
Cardano has formed its first golden cross pattern for August, a bullish technical signal that occurs when a short-term moving average — in this case, the 50-hour SMA — crosses above a long-term moving average, typically the 200-hour SMA. This crossover on the hourly chart suggests that short-term selling pressure is fading, and bullish momentum may be building. The move comes after ADA began the month on a weaker note, dropping to $0.684 on Aug. 2, which also coincided with a bearish death cross on the four-hour chart earlier in the week.
Price Action and Market Outlook
At the time of writing, ADA has surged 5.73% in the last 24 hours to $0.80, aided by a broader crypto market rally fueled by optimism over potential 401(k) retirement plan crypto integrations. With the daily 200 SMA now at $0.7245 — a key gauge for momentum — ADA has managed to break and hold above it. Resistance levels at $0.86 and $0.94 stand as the next hurdles before ADA can attempt to retest the $1 mark, a level last reached in early March when it spiked to $1.19 following a crypto strategic reserve announcement.
Key Fundamentals Supporting Bullish Sentiment
Fundamentally, ADA’s rally is being underpinned by network growth. Input Output (IO), Cardano’s core development team, recently secured a $71 million treasury allocation to fund network upgrades over the next year. Major projects like Hydra and Project Acropolis aim to improve scalability, developer activity, and real-world use cases for Cardano, potentially boosting long-term demand for ADA.
Path Toward $1 and Risks
With bullish momentum in both the technical and fundamental landscape, the path toward $1 appears viable if resistance levels are breached. However, short-term pullbacks remain possible, especially if the market rally loses steam or if ADA fails to maintain levels above the $0.80 mark. Traders will be watching closely for follow-through buying and volume confirmation in the coming sessions.
The post Cardano Prints Golden Cross on Hourly Chart first appeared on BlockNews.
Read More
Cardano Prints Golden Cross on Hourly Chart
- Cardano forms a golden cross on the hourly chart, signaling fading selling pressure and potential bullish momentum.
- ADA trades at $0.80, with key resistance at $0.86 and $0.94 before retesting the $1 level.
- A $71M treasury allocation for upgrades like Hydra and Project Acropolis adds strong fundamental support.
Cardano has formed its first golden cross pattern for August, a bullish technical signal that occurs when a short-term moving average — in this case, the 50-hour SMA — crosses above a long-term moving average, typically the 200-hour SMA. This crossover on the hourly chart suggests that short-term selling pressure is fading, and bullish momentum may be building. The move comes after ADA began the month on a weaker note, dropping to $0.684 on Aug. 2, which also coincided with a bearish death cross on the four-hour chart earlier in the week.
Price Action and Market Outlook
At the time of writing, ADA has surged 5.73% in the last 24 hours to $0.80, aided by a broader crypto market rally fueled by optimism over potential 401(k) retirement plan crypto integrations. With the daily 200 SMA now at $0.7245 — a key gauge for momentum — ADA has managed to break and hold above it. Resistance levels at $0.86 and $0.94 stand as the next hurdles before ADA can attempt to retest the $1 mark, a level last reached in early March when it spiked to $1.19 following a crypto strategic reserve announcement.
Key Fundamentals Supporting Bullish Sentiment
Fundamentally, ADA’s rally is being underpinned by network growth. Input Output (IO), Cardano’s core development team, recently secured a $71 million treasury allocation to fund network upgrades over the next year. Major projects like Hydra and Project Acropolis aim to improve scalability, developer activity, and real-world use cases for Cardano, potentially boosting long-term demand for ADA.
Path Toward $1 and Risks
With bullish momentum in both the technical and fundamental landscape, the path toward $1 appears viable if resistance levels are breached. However, short-term pullbacks remain possible, especially if the market rally loses steam or if ADA fails to maintain levels above the $0.80 mark. Traders will be watching closely for follow-through buying and volume confirmation in the coming sessions.
The post Cardano Prints Golden Cross on Hourly Chart first appeared on BlockNews.
Read More