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Cardano, the 10th largest cryptocurrency, saw a sharp surge in the early Thursday session, skyrocketing as much as 16% to reach $1.01. The last time it reached this level was in March 2025, when it skyrocketed following the initial announcement of a crypto strategic reserve.
The surge coincides with the appearance of a golden cross pattern on Cardano's daily chart, which happens when the 50-day SMA crosses above the 200-day SMA and is the first of its kind this year.
Cardano's last golden cross pattern was in November 2024, which saw the ADA price rise nearly 300% after.
Cardano has increased since the Aug. 2 low of $0.684, exceeding the 50-day SMA and 200-day SMA, which accelerated bullish momentum.
Bulls meet unexpected surprise
Cardano accelerated its rally from the Aug. 12 low of $0.765, reaching the much anticipated $1 mark, but bulls were met with a surprise. Cardano met a sell-off at the $1 level, leading it to sharply turn lower amid profit-taking and as investors weighed macroeconomic uncertainty.
The July PPI rose 0.9% month-over-month and 3.3% year-over-year, both well exceeding predictions, lowering prospects for near-term Fed rate cuts. Fresh labor market data provided no relief, with initial jobless claims for the week ending Aug. 9 at 224,000, slightly lower than the projected 228,000, and continuing claims at 1.95 million.
Bitcoin and Ethereum fell, sending crypto markets sharply lower subsequently. Cardano likewise dipped, posting three red hourly candles in recent hours.
Around press time, ADA was still retaining daily gains, up 4.33% in the last 24 hours to $0.923 and up 21% weekly.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team