Cardano Eyes $1 as Golden Cross Signals Bullish Shift
The post Cardano Eyes $1 as Golden Cross Signals Bullish Shift appeared on BitcoinEthereumNews.com.
Cardano’s (ADA) impressive recovery from the $0.53 support earlier this month has helped the altcoin gain more than 50% in July alone. As a result, ADA surged past key moving averages and even formed a bullish golden cross pattern on its daily chart, a classic signal of a long-term uptrend. This technical breakout comes amid renewed optimism for Cardano’s ecosystem, which now hosts over 2,000 projects and is preparing for a major Hydra upgrade to improve its speed. Forward-looking traders are eagerly watching to see whether this momentum can carry ADA toward the much-awaited $1 mark. Can Cardano Break Above $1 After a Golden Cross on Charts? Cardano finally snapped a two-month downtrend after breaking out of its descending channel earlier this month. The resulting rally carried the ADA price straight above its 20, 50, and 200-day EMAs, reaching a four-month high near $0.94 on July 21. Interestingly, this uptrend has helped ADA see a convincing golden cross on its daily chart. A golden cross typically occurs when the 20 or 50-day averages move above the 200-day line, confirming a relatively long-term bullish trend shift. Source: ADA/USDT on TradingView Looking ahead, the first major resistance now lies around the $0.9 level. Clearing this barrier can directly clear ADA’s path above the highly anticipated $1 level, especially if the golden cross trajectory holds up. On the other hand, a decisive break below the $0.8 horizontal support or the 20-day EMA would invalidate the bullish structure and expose ADA to the May lows near $0.7. ADA Bulls Take a Breather as RSI Resets, Setting Stage for Next Rally The 14-day RSI cooled from an overbought spike above 80 to 63 at the time of writing. While this reading tells us that ADA bulls have a strong edge, the oscillator is still far…
