Cardano (ADA) Forms Golden Cross: Details $ADA #ADA+2.65%

Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has formed a golden cross on its daily chart

Cardano's daily moving average (MA) 50 has crossed above the moving average (MA) 200, confirming a pattern known as a "golden cross" — a bullish indicator. A golden cross indicates a long-term bull market going forward and, as such, traders are on the lookout to see if Cardano will sustain its recent advance. Cardano has enjoyed a price increase since the weekend and might mark its third consecutive day of gains if today closes in green.

What's next for price? Cardano's ADA rebounded sharply off lows of $0.35 on Nov. 18, as seen from the long tail on the candlestick. The bulls advanced the rally to today's high of $0.3996, with the next target being the $0.409 high. If bulls can cross this barrier, Cardano might reach $0.46.

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