Cardano (ADA) has surged 5.73% in the past 24 hours, reaching $0.80 amid a bullish technical formation. The movement follows the emergence of a golden cross pattern, where the 50-hour simple moving average (SMA) crossed above the 200-hour SMA, traditionally indicating a positive market shift.
Technical analysts highlight key resistance levels at $0.86 and $0.94 as potential next targets for ADA, with the psychologically significant $1 threshold drawing increased market attention. This rally echoes Cardano’s previous peak of $1.19 achieved on March 2 after a cryptocurrency strategic reserve announcement.
Fundamental developments bolster the optimistic outlook, including ongoing work on Hydra—a layer-2 scaling solution—and Project Acropolis by Cardano’s core developers Input Output. These initiatives are driving network demand as ADA continues trading above the critical daily 200-SMA support level of $0.7245.