As a seasoned analyst with over two decades of experience in the financial markets under my belt, I must say that the current surge in Cardano (ADA) is nothing short of impressive. I remember back in the days when we were all huddled around our CRT monitors, watching Bitcoin’s price climb like a rocket, and here we are now, witnessing another digital asset skyrocketing in value.
In simple terms, the value of the well-known cryptocurrency Cardano (ADA) increased by over 19% in today’s trading on the crypto market. This growth can be seen as an extension of the streak of upward price movements, or “green candles,” on its chart that has been ongoing since early November. So far, this trend has boosted the altcoin’s price by approximately 102%.
Currently, the Cardano token is priced at approximately $0.69 ADA, a level last seen in March of this year. Its price growth resembles what’s known as an ‘omega candle’, implying potential continuation of this trend. Yet, it’s important to note that this might not be the final move in its price trajectory.
Cardano (ADA) price nears golden cross
Indeed, it seems a common term known as the “golden cross” might appear soon on ADA’s daily price chart. This bullish pattern emerges when the short-term average, typically the 50-day moving average, surpasses the long-term average, often the 200-day moving average, from below to above. If this trend continues on ADA’s token price chart in the upcoming days, we could witness this pattern forming.
The golden cross suggests that the upward trend in ADA’s price could persist. This pattern last emerged nearly a year ago, and it was followed by a 120% increase in the value of the Cardano token over the subsequent three months.
Last year, just like ADA, its price saw an early increase prior to the creation of the golden cross, followed by a period of gathering strength, which then led to further growth.
If Cardano’s price mimics its performance from last year, it appears that we may witness a significant trend, offering a new viewpoint on the price dynamics of one of the leading and widely-used cryptocurrencies.
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2024-11-15 18:09