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Cardano, the 10th largest cryptocurrency, has unexpectedly created a new golden cross on its short-term chart, the hourly chart.
A golden cross, which occurs when the short term moving average, the 50 MA, crosses above the long term MA, has appeared on Cardano's hourly chart.
The bullish signal occurred just days after a bearish death cross occurred on the hourly chart, following Cardano's drop from a high of $0.9543 on Sept. 13.
Cardano rebounded after reaching a low of $0.8531 on Sept. 15, building on the Fed's announcement of an interest rate cut for the first time this year. Cardano rose for three straight days since this date, reaching $0.938 on Sept. 18.
At press time, ADA was trading down 1.57% in the last 24 hours to $0.90 but up 1.48% weekly.
The recent golden cross signal remains surprising, coming just days after a death cross, presenting mixed signals on the market. If Cardano regains momentum, it might target $0.954 and $0.963 ahead of $1.
As seen on the hourly chart, Cardano is currently testing the hourly MA 200 at $0.896. A loss of this key level might cause ADA to seek major support at $0.845.
Cardano news
Grayscale has rolled out the first multi-token exchange-traded product available in the U.S.
The Grayscale CoinDesk Crypto 5 ETF began trading on Friday on the NYSE under the ticker GDLC. The fund includes the five largest and most liquid digital assets: Bitcoin, Ethereum, XRP, Solana and Cardano. These five major cryptocurrencies capture more than 90% of total market capitalization, according to Grayscale.
According to Cardano-focused X account Cardanians, the odds of Cardano (ADA) ETF getting approved in 2025 jumped to 90% on Polymarket.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team