- Cardano forms first-ever weekly Golden Cross, signaling strong long-term bullish trend.
- Whales accumulate 120M ADA as over $8M exits exchanges, hinting at rising confidence.
- ADA eyes breakout past $0.70, with next resistance near $0.95–$1.00 amid bullish indicators.
Cardano ($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 follows months of price consolidation for ADA between $0.50 and $0.66. A recent 6% bullish weekly candle has added to the positive market sentiment.
If Cardano successfully closes above this range with rising volume, the next upside targets sit at $0.95 to $1.00.
ADA’s Next Hurdle: Breaking Key Resistance
Despite the powerful long-term signal, the technical outlook is not without its short-term risks. Key resistance for ADA now lies between $0.66 and $0.70. A successful weekly close above this range, especially on rising volume, is needed to confirm the breakout. If that happens, analysts have set the next upside targets at the $0.95 to $1.00 range.
According to Crypto Rose Channel, this breakout could re-ignite broader investor interest and possibly position Cardano to reclaim its spot among the top five cryptocurrencies by market cap.
Related: Cardano Experiences Renewed Demand from Whale Investors: Can ADA Price Regain Bullish Momentum?
Whales and Exchange Outflows Strengthen the Bullish Case
Adding to the positive outlook, Zhao Lusi highlights significant whale activity in recent weeks. Large holders have accumulated 120 million ADA worth approximately $71 million.
Moreover, over $8 million worth of ADA has exited exchanges, reducing potential sell pressure. These whale movements suggest that institutional investors are preparing for a potential rally.
Related: Will This New Nasdaq-Listed ETF Drive Cardano’s ADA Price Higher in Coming Months?
Technical indicators also align with this sentiment. The MACD shows a bullish crossover, and the RSI sits at a healthy 57. This reading signals moderate bullish momentum, with room for further upside before entering overbought territory.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
