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Cardano (ADA), currently ranked ninth per market capitalization, has recorded a significant development that could flip future price trends. The coin has flashed a golden cross on its hourly chart as the price jumped by over 9% on the market.
Cardano volume nearly doubles as momentum builds
ADA formed a golden cross in the last hour as its short-term moving average crossed above the long-term moving average.
This is particularly positive news for short-term traders as the price has climbed from around $0.72 to its current levels.
According to CoinMarketCap data, the Cardano price has changed hands at $0.7923 in the last 24 hours. The coin rose from a low of $0.7177 to reach its current level.
There has also been a corresponding surge in trading volume. It spiked by 98.87% within the same period to $1.78 billion. The development signals a bull market for ADA.
Many consider the golden cross a bullish signal, suggesting that ADA has the potential for more upward price momentum.
Interestingly, during trading, ADA hit a high of $0.8162, fueling anticipation that the asset might break the $1 level soon. If ADA flips this price, it could replace Dogecoin as the eighth-ranked asset in the top 10 per market cap ratings.
Cardano’s circulation milestone bolsters network credibility
With this development, ADA is on the verge of breaking the $0.80 resistance level, as reported by U.Today. As the coin makes a bold comeback move, it needs to break the resistance and would require ecosystem support to stay above it as it eyes $1.
Meanwhile, the Cardano ecosystem recently achieved a milestone as the second most distributed cryptocurrency. It was surpassed only by Bitcoin, which also has a fixed supply. While Bitcoin is capped at 21 million, Cardano has a cap of 45 million.
Vladislav Sopov