Cardano Price Surges After Golden Cross: Can ADA Hit $1.20 Next?

Cardano price has triggered a historic bullish signal with its weekly golden cross formation. The action is coupled with a trendline breakout, a bounce at Fibonacci, and increasing momentum within an ascending wedge.

With recent levels, analysts expect Cardano price to further rally to $0.66 and then to $1.20.

Cardano Price Confirms Golden Cross

Cardano price has completed a weekly golden cross, where the 50-week moving average crossed above the 200-week.

This is historically considered a strong macro bullish signal. The cross comes after the ADA price held above a key support region near $0.56 and reclaimed the $0.63 level in recent trading sessions, further rising by over 13% to $0.7181.

Crypto Rose Channel emphasized the importance of this signal in the general market. Weekly gold crosses are uncommon and usually lead the way into new rising phases.

Cardano price’s previous attempts at recovery were capped by moving average resistance. This is the first time the Cardano price has flipped that resistance into support.

Notably, the traders and long-term holders regard this golden cross as a shift in market structure. This move suggests Cardano may now transition from accumulation to expansion, provided broader crypto sentiment stays positive.

The top altcoin breakout is accompanied by an increase in volume, further proving the technical shift.

Cardano Price Broke Descending Trendline

In addition, ADA price has broken out of a multi-week descending trendline and is now trading within a tightening rising wedge.

Suzzy DeFi reported that the breakout originally started with a recapture of the support line at $0.56, breaking out toward the $0.64 to $0.66 resistance range.

Cardano price, at press time,  traded at $0.7181, continuing to post higher lows across timeframes.

Additionally, Cardano wedge structure indicates growing bullish control. The pullbacks have been supported by traders who have been accumulating at $0.60 in the short term.

The crypto has overcome the subsequent obstacles the upper limit of the wedge in parallel with horizontal resistance at $0.66. The altcoin price breakout above that range can confirm a strong move up to $0.70.

Support below remained strong around $0.59. This zone is in line with the earlier rejection areas, indicating it is the new crucial support for ADA.

However, the structure remains valid as long as the ADA price trades inside the wedge, with upward bias building.

Fibonacci Reversal Aligns with ADA’s Mid-Term Recovery Targets

Technical analyst Hailey LUNC pointed out that Cardano price recently bounced off the Fibonacci $0.618–$0.786 support zone.

The zone has been a historical reversal point of the macro corrections. Cardano price bounce occurred near $0.51 and helped fuel ADA’s recovery toward current levels.

Fibonacci levels go in line with the mid-term targets highlighted by Hailey as a potential upside target at $0.9985, $1.2154, and $1.3795. Such levels are consistent with historical rejection areas and Fibonacci extensions.

The weekly candle form has begun hinting at higher low construction, another indication that a longer-term trend reversal is underway.

With the golden cross confirming momentum and Fibonacci support holding, ADA price appears positioned to build a steady uptrend. Such an arrangement may appeal to swing traders and long-term investors as their confidence comes out.

A close above the weekly levels at $0.64 would enhance the possibility of continuation to $0.75 and beyond.

Cardano Launches ‘Reeve’ to Expand On-Chain Finance

Additionally, the Cardano ecosystem has introduced a major new upgrade, Reeve, an open-source ERP-linked blockchain tool. According to recent reports, Reeve will enable businesses to connect their finance and audit systems with the blockchain.

This move signals Cardano price focus on enterprise integration and on-chain financial transparency. Companies may automate financial compliance with Reeve, and this can lead to adoption of Reeve in the DeFi and corporate markets.

The tool has been designed in such a way that it integrates with available ERP systems, a feature that expands its market scope.

Therefore, Reeve’s launch has sparked optimism in the community, supporting the recent Cardano price rally.

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