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The digital currency ecosystem is gradually working to pare off its losses from the start of the week, and Cardano is in the spotlight. As of press time, Cardano's price was changing hands for $0.8683, up by 0.95% in 24 hours, per CoinMarketCap data. With the recent rebound, a golden cross is now looming on-chain.
One more push for Cardano's golden cross
Data from TradingView shows that the ADA/USDT move on the three-hour chart is about to flip a much-expected golden cross. With the nine-day Moving Average currently entangled with the 26-day MA, a major condition has emerged to flip the balance.
With the $0.90 mark coming off as the short-term target, Cardano's price will need more buying momentum to break the golden cross dormancy. It is worth noting that the ADA price has shown different price scenarios in recent times amid a bull-bear tussle.
Different bullish indices are at play for Cardano, with the most visible being the consistent uptick in the ADA open interest metric. With the steady adoption of Cardano on the derivatives market, it can help boost the Relative Strength Index (RSI) reading in the short term.
Is $0.90 price guaranteed?
The $0.90 price level has formed the major resistance level to watch in the past few months. While the coin has broken past this level to trade at a monthly high of $1.01, it has not successfully flipped this zone as support.
Notably, the general market is facing a mild drawdown at this time, and with altcoin season projections, Cardano has what it takes to feature prominently.
Major ecosystem metrics to watch include Cardano Foundation governance milestones. In addition, the Midnight Network's emergence and positive collaboration with top projects can help revive interest in the broader digital currency ecosystem.
While the immediate price target for ADA at this time is the $0.90 mark, the longer-term projection is pegged at $1.20.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team