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Cardano’s Bullish Hourly Golden Cross; Will ADA Rally?

Fri, 10/05/2024 – 15:32

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Cardano (ADA) is currently showing signals of bullish potential as it posts a “golden cross” formation on its hourly charts. This development has sparked anticipation among traders and investors, prompting speculation about the potential trajectory of ADA’s price in the near term.

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A golden cross occurs when a shorter-term moving average, typically the 50-hour moving average, crosses above a longer-term moving average, such as the 200-hour moving average, on a price chart. This crossover is interpreted by technical analysts as a bullish signal, suggesting a potential uptrend in the asset’s price.

In the case of Cardano, the recent bullish crossover on its hourly charts might suggest a shift in momentum toward the upside. This bullish formation reflects increasing buying pressure and suggests that ADA’s price could be poised for significant upward movement in the coming days.

TradingView
ADA/USD Hourly Chart, Courtesy: TradingView

However, it is important to note that while golden crosses can provide valuable insights into market sentiment and potential price trends, they are not foolproof indicators and should be considered in conjunction with other technical and fundamental factors.

ADA was up 0.59% in the last 24 hours at the time of writing to $0.4575, having pared its intraday gains. ADA fell drastically on its hourly chart, forming a giant red candlestick at press time. 

Weekly initial jobless claims rose to their highest level since August 2023, impacting the financial markets with the U.S. inflation data for April due next week. 

As Cardano’s community eagerly awaits further developments on the market, all eyes are on the charts to see if ADA can capitalize on the bullish golden cross and sustain its upward momentum. A breakout above key resistance levels could potentially signal a new bullish phase for ADA, while failure to maintain momentum could result in selling pressure.

In this regard, a break above $0.684 might kickstart a fresh uptrend for ADA’s price; on the other hand, if selling persists, the $0.4 level may act as a formidable support.

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