Cardano Forms Rare Golden Cross as Price Targets $1 Amid Crypto Market Rally

• Cardano golden cross sparks bullish momentum toward the $1 target.
• ADA price surges as key technical pattern signals possible breakout.
• $71 million development fund boosts Cardano’s growth and market optimism.

Cardano is gaining attention after forming a rare golden cross pattern on the hourly chart, signaling improving short-term momentum. According to TradingView data, the 50-hour simple moving average crossed above the 200-hour average, a setup often linked to potential price gains.

In the first half of the month, ADA experienced selling pressure, which brought prices down to $0.684 on August 2 following a six-day decline since the July close. This fall also produced a bearish death cross on the four-hour chart, where the 50-period moving average crossed below the 200-period moving average, indicating short-term weakness at the time.

ADA rose 5.73 percent to $0.80 on Friday as it continued to recover, along with the broader crypto market. The enthusiasm has increased after it was declared that Bitcoin and other digital currencies may soon become part of 401(k) retirement plans. ADA has now broken its 200-period simple moving average on a daily time frame of $0.7245, which is considered a vital momentum level.

Also Read: Prominent Analyst Reveals When the Real XRP FOMO Will Start as Price Rockets

Key Resistance Levels and Development Support

Technical indicators place the following resistance levels at $0.86 and $0.94, both critical checkpoints before retesting the $1 level last reached in early March. Cardano had earlier shot up to $1.19 on March 2 following the news of a crypto strategic reserve. Another thrust in July reached a high of $0.935 on the 21st and then retracted. The recent rally has taken the prices as high as $0.803 earlier on Friday.

Positive fundamentals also support ADA’s outlook. The core development team of Cardano, Input Output, received a treasury grant of $71 million to finance 12 months of network upgrades. Among the scheduled projects are the Hydra scaling solution and Project Acropolis, which are expected to increase the number of developers and the number of blockchain applications.

The golden cross is a rare phenomenon, and the enthusiastic market and the development support have boosted Cardano to $1. Maintaining momentum above resistance levels will be key to achieving this goal.

Also Read: Kiyosaki Predicts Great Depression, Says Only Bitcoin Holders Will Survive

The post Cardano Forms Rare Golden Cross as Price Targets $1 Amid Crypto Market Rally appeared first on 36Crypto.