Cardano (ADA) Nears Key Golden Cross Formation in Days

Key Points

1. Cardano's 50-day SMA is set to cross the 200-day SMA, forming a golden cross, indicating potential bullish momentum.

2. The last golden cross in November 2024 coincided with a 300% price increase for ADA, from $0.325 to $1.32.

3. If the market follows a similar pattern, a 312% surge from the current price of $0.79 could target $3.25.

4. Cardano recently printed a double bottom on its daily chart, touching $0.51 twice in April and June, leading to a price rise to $0.935 by July 21.

5. Traders are betting on potential Federal Reserve interest rate cuts, which could influence market conditions.