Key Notes
- Cardano price has staged a golden cross setup as altcoin momentum soars.
- Immediate price target is the $1 psychological mark, with $1.3 likely in mid-term.
- Whales have sold over 140 million ADA, supporting momentum for a price recovery.
Onchain data has shown that Cardano ADA $0.93 24h volatility: 6.8% Market cap: $33.77 B Vol. 24h: $2.76 B is eyeing a golden cross, following a recent price gain.
The crypto asset has been spotted breaking above its major descending trendline, marking a notable milestone after several failed attempts. This breakout is a reflection of a structural shift in the price action of Cardano.
Cardano Price on a Recovery Streak
ADA is currently trading at $0.9128, corresponding with a 4.84% increase. At this level, Cardano has successfully scaled over a major descending trendline.
Also, its market capitalization and 24-hour trading volume are in the green zone. ADA market cap is currently pegged at $32.72 billion, with its trading volume up 77.88% at $2.25 billion.
Apart from these metrics, other technical indicators equally align with this potential upside. On this premise, the bullish momentum shift may be closer than anticipated.
Previously, analysts noted that ADA needed to hold key support between $0.85 and $0.87 to sustain bullish momentum. The price has now risen above this critical range.
Cardano has formed a golden cross on the daily chart amid a positive price shift. | Source: TradingView
The coin has confirmed a golden cross on its daily chart, with its 50-day moving average (MA) moving above the 200-day moving average.
Over time, this kind of movement usually marks a classic bullish run and suggests that buyers are gradually gaining control.
During ADA’s recent recovery, whales holding 1-10 million tokens have sold over 140 million ADA , valued at $120 million. This activity could support a short-term breakout to $1, with $1.3 as a potential mid-term target.
