Cardano witnesses the shortest death cross in history as the price surpasses $0.70💯
It has recently shown modest recovery, benefiting from a wave of optimism in the broader market, bringing its price back above $0.70.
This rise has rekindled optimism among investors, and if the upward momentum continues, Cardano could see a breakout above $0.80, which may indicate a significant shift in its price trajectory.
Cardano may end its downward trend
Cardano's technical indicators have recently shown signs of a potential reversal, especially after forming a death cross. Sixteen days ago, the 200-day exponential moving average crossed below the 50-day exponential moving average, indicating a downward trend. This is known as a death cross, and it is often considered a negative signal in technical analysis.
ADA price needs to break out of this area
Cardano is currently trading at $0.70, marking a 13% increase in the last 24 hours. If this upward trend continues, ADA is likely to encounter resistance around $0.77. Historically, the range between $0.70 and $0.77 has been a consolidation zone. A successful breakout above $0.77 would indicate further movement towards $0.85.