Cardano (ADA) price has flashed a golden cross on the hourly chart and this is often a sign that a bullish trend is coming. This happened when the short-term moving average crossed above the long-term moving average. As of writing, ADA is trading for $0.7857, up 7%, after climbing from a low of $0.72 to $0.7923. The trading volume nearly doubled in the same period, rising by almost 99% to $1.78 billion.
Looking at the 4-hour chat, the price recently broke out of a bullish flag pattern that has been consolidating downward since April 24, 25 at $0.7452. The ADA price broke out today, not testing a resistance zone at 0.7750.
Th Cardano price is slowly climbing to its expected $1 target, however, it needs to break above its current resistance zone to continue the rally. Meanwhile, ADA hit a high of $0.80 today. If this golden cross plays out like it’s supposed to, ADA could be gearing up for a real run.
Additionally, on-chain data from Santiment reveals that Cardano’s rally has boosted the percentage of its supply in profit. As of now, approximately 74.14% of ADA’s circulating supply, around 26.91 billion tokens, is now held at a profit.
Moreover, ADA has recently ranked as the second most distributed cryptocurrency, right behind Bitcoin, according to TapTools. Bitcoin’s supply is capped at 21 million, Cardano’s at 45 billion.
Also Read: Cardano’s Charles Hoskinson Denies $619M ADA Scam Allegation
