Cardano’s Golden Cross Emerges—Will ADA Finally Smash the $1 Barrier?

Technical traders are buzzing as Cardano’s 50-day MA punches through the 200-day—classic golden cross formation. This bullish signal last preceded ADA’s 2021 moonshot. But with the ’crypto geniuses’ who missed FTX now piling in, can history repeat?

Key levels to watch: $0.85 resistance held firm last week. A clean break could fuel the FOMO needed to test dollar parity. Meanwhile, Bitcoin’s sideways action leaves altcoins room to run—or get crushed in the next leverage purge.

Funny how these ’technical guarantees’ always seem to fail right after your futures position loads. The market’s got a sixth sense for retail pain.

Looking at the 4-hour chat, the price recently broke out of a bullish flag pattern that has been consolidating downward since April 24, 25 at $0.7452. The ADA price broke out today, not testing a resistance zone at 0.7750. 

Th Cardano price is slowly climbing to its expected $1 target, however, it needs to break above its current resistance zone to continue the rally. Meanwhile, ADA hit a high of $0.80 today. If this golden cross plays out like it’s supposed to, ADA could be gearing up for a real run.

Additionally, on-chain data from Santiment reveals that Cardano’s rally has boosted the percentage of its supply in profit. As of now, approximately 74.14% of ADA’s circulating supply, around 26.91 billion tokens, is now held at a profit.

Moreover, ADA has recently ranked as the second most distributed cryptocurrency, right behind Bitcoin, according to TapTools. Bitcoin’s supply is capped at 21 million, Cardano’s at 45 billion.

Also Read: Cardano’s Charles Hoskinson Denies $619M ADA Scam Allegation