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According to Ali, Cardano, the 10th largest cryptocurrency by market capitalization, might be on the verge of a breakout to $1.50 as a channel pattern emerges on its 12-hour chart.
In a tweet, Ali wrote, "Cardano (ADA) is on the verge of a breakout to $1.50," accompanied by a 12-hour chart which highlighted a channel pattern, with the potential for breakout reaching $1.50.
Cardano was recently trading at $0.876, posting a 13% surge in the last 24 hours as the crypto market gained bullish momentum to surpass $4 trillion in valuation. The total crypto market capitalization now stands at $4.08 trillion, according to CoinMarketCap data.
The rise began early Tuesday, after new data showed consumer prices growing broadly in line with expectations in July.
Altcoins further rallied as optimism rose on the possibility of a Federal Reserve rate cut at its upcoming September meeting. Cardano posted significant daily gains, while Bitcoin traded only slightly higher near $120,000.
Cardano extended its recovery from Monday's low of $0.766 to reach $0.896 in early Wednesday and is currently up 21% in the last seven days.
Cardano's imminent golden cross lifts optimism
Cardano is on the verge of a bullish golden cross on its daily chart, as the 50-day SMA has turned upwards to converge with the 200-day SMA and might cross above it in the coming days.
If this is the case, a golden cross will be formed on the daily chart, a signal that indicates potential bullish momentum and the first of such for Cardano this year.
Cardano last formed a golden cross on its daily chart in November 2024, which was followed by a 300% increase.
If bullish momentum accelerates, Cardano might aim $1 mark next. A breach past $1 would target $1.50, which would mark a near 100% increase from current prices.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team