Key Insights:
Cardano has formed a golden cross on the three-hour chart, signaling the first bullish crossover for August.
ADA price increased by 2.22% within 24 hours, stabilizing above $0.74 after reaching a peak of $0.7424.
The RSI has climbed to 46.12, suggesting the coin has exited oversold territory, supporting short-term upward momentum.
Cardano (ADA) has recorded a notable price increase, climbing by 2.22% within the past 24 hours. The asset reached $0.7403 after rebounding from a low of $0.7199. ADA peaked at $0.7424 before stabilizing. This movement marks a technical breakout on the three-hour chart.
A golden cross has appeared as the 9-day moving average crossed above the 26-day moving average. This event typically signals a potential bullish trend reversal. The formation is the first in August and has raised optimism among market participants watching for sustained recovery.
RSI data supports bullish momentum
The Relative Strength Index (RSI) for ADA has now risen to 46.12, indicating the asset has exited oversold conditions. Analysts see this development as an early indicator that a market bottom may be in place. The recovery in RSI is helping to support ADA’s upward momentum.
Despite the bullish signals, trading volume remains significantly low. ADA’s trading activity has dropped by 30.74%, with volume standing at $710.93 million. This low engagement may limit short-term momentum unless participation increases substantially.
Market observers focus on resistance levels
Cardano has yet to reclaim the key psychological level of $1. The asset’s performance at this level could influence wider market behavior. Investors are watching for strong volume confirmation to avoid the risk of a potential false breakout. However, price structure and recent patterns suggest potential upside.
According to analyst Ali Martinez, Cardano may be positioned for a significant move in the ongoing cycle. He believes ADA’s chart structure aligns with previous breakout phases. Forecasts suggest targets as high as $3 and even $6.25, provided technical strength holds and volume improves.
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