The price of Cardano ($ADA ) has shown a golden cross on the hourly chart, which is often a sign that an upward trend is coming. This occurred when the short-term moving average crossed above the long-term moving average. As of this writing, ADA is trading at $0.7857, up 7%, after rising from a low of $0.72 to $0.7923. Trading volume has nearly doubled during the same period, increasing by approximately 99% to $1.78 billion.
Looking at the 4-hour chart, the price recently broke out of a bullish flag pattern that had been consolidating downwards since April 24, at $0.7452. Today's ADA price has broken out without testing a resistance area at $0.7750.
The price of Cardano is slowly rising towards its expected target of $1; however, it needs to break through its current resistance area to continue the upward trend. Meanwhile, ADA reached its daily high of $0.80. If this golden cross occurs as expected, ADA may be preparing for a real surge.
Additionally, the sentiment data reveals that Cardano's rise has increased its supply in profit. So far, approximately 74.14% of the circulating ADA supply, around 26.91 billion tokens, is held in profit.
Furthermore, ADA recently ranked second as the most distributed cryptocurrency, just after Bitcoin, according to Tap Tools. Bitcoin's supply is capped at 21 million, while Cardano's supply is at 45 billion.