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The price of the popular cryptocurrency Cardano (ADA) adds more than 19% in today's trading on the crypto market. Today's greening can be called a continuation of the festival of green candles on the price chart of the altcoin which, since the beginning of November, has already added 102% to the price.
Right now, quoted at $0.69 per ADA, the Cardano token is at levels not seen since March this year. How the price of the token is growing is literally an omega candle. This, however, may not be the end.
Cardano (ADA) price nears golden cross
In fact, a so-called golden cross is beginning to form on the daily price chart of ADA. This pattern is considered bullish and is formed when the lower moving average, usually the 50-day, crosses the higher moving average, usually the 200-day, from below to above. This is exactly what may happen on the price chart of the Cardano token in the coming days.
The golden cross may mark the continuation of the rally in the price of ADA. The last time it appeared was almost exactly a year ago and preceded a 120% rise in the price of the Cardano token in the following three months.
It is interesting that a year ago the price of ADA also initially rose before the formation of the golden cross, and then after some accumulation continued to rally.
However, if Cardano's price repeats the trick of last year, it seems that we will have a serious trend that will open a different perspective on the price behavior of one of the largest and most popular cryptocurrencies.