Cardano Soars to $1 on Golden Cross Before Sudden Sell-Off Hits Bulls

• Cardano hits $1 before sharp sell-off rattles bullish traders.
• Golden cross sparks rally as economic data pressures crypto markets.
• ADA retains weekly gains despite intraday pullback from key level.

Cardano jumped sharply in early Thursday trading, climbing as much as 16 percent to hit $1.01. According to market data, this was the first time since March 2025 that the cryptocurrency reached this level, with momentum driven by a rare golden cross formation.

The bullish indicator came in when the 50-day simple moving average moved above the 200-day average in the daily chart. This was the initial time that this trend had been experienced in 2025, a fact that gave traders hope. A massive rally preceded the final golden cross of Cardano in November 2024.

Following the August 2 low of $0.684, the price broke above both the 50-day and 200-day averages, sparking an uptrend. Purchase interest had been gaining momentum since the low of August 12, at $0.765, and propelled ADA towards the significant level of $1.

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Golden Cross Momentum Meets Harsh Market Reality

The rally lost steam at the $1 level as heavy selling pressure emerged. Short-term traders closed out their positions, and economic data drove a broader market pullback.

The July producer price index increased by 0.9 percent month-on-month and 3.3 percent year-on-year, both more than anticipated. This decreased the chances of the Federal Reserve’s imminent decrease in interest rates.

The initial jobless claims were 224,000 in the week ended August 9, which was lower than the forecast of 228,000 as indicated by the labor market figures. Continuing claims reached 1.95 million, reinforcing the view of a resilient employment sector.

Both Bitcoin and Ethereum reversed after the data release, pulling the rest of the crypto market with them. Cardano did the same, posting three straight hourly losses once it hit the $1 mark.

Nonetheless, Cardano was down 4.33 percent at press time, at $0.923. Its weekly performance was high, with a 21 percent increase.

Cardano’s move to the $1 level highlighted renewed bullish energy from technical momentum. However, profit-taking and macroeconomic concerns quickly shifted the market tone.

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