Cardano (ADA) has been gaining attention lately as multiple bullish signs have appeared in its price charts. Recently, ADA has maintained the 200-day moving average around $0.7, acting as a key support and causing a 5.67% price growth. Moreover, the 23-day moving average is about to cross the 50-day moving average, potentially forming a golden cross pattern. This pattern typically indicates the beginning of a strong upward trend. If this happens and the 200-day support continues to hold, ADA’s next targets will be in the range of $0.85 to $1. Alongside these technical indicators, there is a noticeable increase in positive sentiments on social networks. Sentiment data shows a ratio of positive to negative opinions about Cardano at 3.5 to 1. However, some of these excitements stem from baseless rumors about the use of ADA’s smart contracts in government services, which were later debunked. In March, ADA had a significant price growth but lost a major portion of it, experiencing a 38% drop. Currently, this valuable cryptocurrency with a market cap of $25.5 billion is in close competition with Dogecoin (DOGE). Overall, ADA is at a critical point. If the golden cross forms and the $0.7 support holds, the path for further price growth will be smoother. Otherwise, there is a possibility of dropping to $0.65 and retesting lower levels. You can view the real-time prices of all tokens and cryptocurrencies on the instant price page.
