Cardano (ADA) is experiencing a bullish surge, with a golden cross formation now extended. This indicates the price could reach the coveted $1 milestone as market momentum continues to rise. 📈
The three-hour chart reveals an extended golden cross, suggesting ADA’s bullish rally might persist. This pattern happens when short-term moving averages cross above long-term moving averages.
Currently at $0.87 per coin, a 12.6% increase over the past 24 hours has propelled the price higher.
Technical support is present around $0.8098, aligning with the 23-day moving average. If this level holds, we could see ADA reach the $1 mark.
However, a closer look reveals that the Relative Strength Index (RSI) for ADA stands at 70.3, indicating potential overbought conditions, which might signal a correction in the near future.
Despite this, investor interest remains strong. Recent trading volume has surged by more than 102% to $2.5 billion in the past 24 hours.
Historically, golden cross formations have been bullish indicators, particularly when coupled with positive sentiment from investors.
With a similar rally witnessed in November 2024 (a 300% surge), the market will be watching closely to see if history repeats itself, especially as the Cardano ETF approaches.
Reaching $1 would be an impressive leap, potentially generating a target price of $3.48 based on a historical trend.