Cardano (ADA) is making headlines with the recent formation of a golden cross on its daily chart, which is a promising sign for the crypto community.
A golden cross occurs when the daily moving average (MA) 50 rises above the moving average (MA) 200, signaling a potential shift towards a long-term bull market.
This development has captured the attention of traders, who are closely monitoring Cardano’s performance following a notable price increase over the weekend. If Cardano can close today positively, it would mark the third consecutive day of gains for ADA.
Interestingly, Cardano experienced a noteworthy rebound in October, breaking free from a prolonged period of little action that followed the emergence of a death cross pattern in June. XRP experienced a similar death cross in September, prompting experts to advise caution for investors.
Following this death cross formation, Cardano surged, reaching almost $0.4 before it began falling again. This behavior has left some with doubts about the sustainability of the current bull run. Many expect Cardano to experience a brief correction but ultimately continue its journey upward.
Data from CoinMarketCap shows Cardano trading at $0.3928, up 4.21% in 24 hours. The cryptocurrency has experienced a stellar month, currently up 6.73% in the last 7 days, and 51.61% in the past month.
Cardano achieved its monthly high on November 16, when it reached $0.4061, and is currently ranked #8 with a market cap of $13.85 billion. Cardano has also seen an increase in trading volume over the last 24 hours, up 10.97%, with a volume of $374.5 million.
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This increase can be attributed to the Voltaire upgrade roadmap, which is bringing Cardano (ADA) closer to a fully decentralized future. The Voltaire era is the final phase of Cardano’s roadmap, which will transfer the power over the ecosystem to the community.
Cardano’s shift toward fully decentralized governance places it at the forefront of the crypto industry in terms of full decentralization, and this upgrade aims to create a self-sustaining blockchain ecosystem.
Considering the Voltaire upgrade and the recent golden cross formation, Cardano could be on the cusp of a big surge. An analyst recently predicted a massive surge for Cardano. This prediction is based on a replicating consolidation phase, and the resulting breakout could send Cardano up by 1.750% to $6.5.