according to the materials from the site - By 36crypto

Cardano attracts attention after forming a rare 'golden cross' pattern on the hourly chart, signaling a strengthening of short-term momentum. According to TradingView data, the 50-hour simple moving average crossed above the 200-hour moving average, which is often associated with potential price growth.

In the first half of the month, ADA faced selling pressure, causing the price to drop to $0.684 on August 2 after a six-day decline since the market closed in July. This drop also led to the formation of a bearish 'death cross' on the four-hour chart, where the 50-period moving average crossed below the 200-period moving average, indicating short-term weakness at that moment.

ADA's price rose by 5.73% to $0.80 on Friday, continuing its recovery along with the cryptocurrency market as a whole. Enthusiasm grew after the announcement that Bitcoin and other digital currencies could soon become part of 401(k) retirement plans. ADA broke through its 200-period simple moving average on the daily timeframe at $0.7245, which is considered an important momentum level.

Technical indicators suggest the following resistance levels at $0.86 and $0.94, which are critical checkpoints before retesting the $1 level, last reached in early March. Previously, on March 2, Cardano's price surged to $1.19 following news of a strategic cryptocurrency reserve being created. Another July surge peaked at $0.935 on the 21st before pulling back. The recent rally pushed prices up to $0.803 earlier on Friday.

Positive fundamental factors also support ADA's prospects. The core Cardano development team, Input Output, received a treasury grant of $71 million to fund a 12-month network upgrade. Among the planned projects are the Hydra scaling solution and the Acropolis project, which are expected to increase the number of developers and blockchain applications.

The golden cross is a rare phenomenon, and market enthusiasm along with developer support has led to the price of Cardano rising to $1. Key to achieving this goal will be maintaining momentum above resistance levels.


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