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Cardano ($ADA) is showing renewed signs of strength as it forms its first-ever weekly Golden Cross, a key technical milestone that has stirred hope among traders and analysts. This pattern occurs when the 50-week moving average crosses above the 200-week moving average, often signaling a major long-term bullish trend.
With ADA trading around $0.63, the momentum has stirred hope among traders and analysts that a breakout could push Cardano back into the top 5 cryptocurrencies by market cap.
Historic First: The Weekly Golden Cross
The formation of the Golden Cross on the weekly chart marks a historic moment for Cardano. A Golden Cross occurs when a shorter-term moving average (in this case, the 50-week) crosses above a longer-term one (the 200-week). For technical analysts, this is one of the strongest confirmations of a long-term shift from a bear market to a bull market.
The event fol…
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