Cardano Eyes the Psychological Price of $1, Thanks to the Materialization of a Golden Cross

Cardano’s quest to reclaim $1 recently got a boost following the formation of a golden cross on the daily chart. Source: TradingView A golden cross is usually deemed bullish since it depicts a prolonged upward trend after a short-term moving average (MA) crosses above a long-term one. Therefore, this momentum shift in the ADA network suggests heightened buying interest, creating a positive ethos of the ninth-largest cryptocurrency scaling the heights and reaching the psychological price of $1. Is a Major Cardano Breakout Looming? According to renowned market analyst Ali Martinez , “Cardano is approaching a major test at $0.74. A breakout above this level could pave the way for a move toward $0.88.” Source: Ali Martinez As Cardano continues to show its steadfast commitment to holding the $0.70 zone, ADA’s eyes are glued on breaching the $0.74 as this will escalate its chances of hitting the $0.88 and $1 zones. According to CoinGecko dat a, Cardano was up 13.7% in the past two weeks to hit $0.7 at the time of writing. Meanwhile, Cardano is witnessing a bullish picture because the odds of an exchange-traded fund (ETF) recently climbed to 70% amid ADA experiencing heavy accumulation from institutions. Market analyst Dan Gambardello recently opined that the Cardano network would be the engine behind unlocking Bitcoin decentralized finance (DeFi). Gambardello pointed out , “ Bitcoin has flipped Silver and is headed to many more trillions. Cardano is the blockchain which is going to unlock a secure Bitcoin DeFi.” Therefore, time will tell how Cardano plays out in the short term as bullishness engulfs its ecosystem.

Source: ZyCrypto