Cardano’s quest to reclaim $1 recently got a boost following the formation of a golden cross on the daily chart.
A golden cross is usually deemed bullish since it depicts a prolonged upward trend after a short-term moving average (MA) crosses above a long-term one.
Therefore, this momentum shift in the ADA network suggests heightened buying interest, creating a positive ethos of the ninth-largest cryptocurrency scaling the heights and reaching the psychological price of $1.
Is a Major Cardano Breakout Looming?
According to renowned market analyst Ali Martinez, “Cardano is approaching a major test at $0.74. A breakout above this level could pave the way for a move toward $0.88.”
As Cardano continues to show its steadfast commitment to holding the $0.70 zone, ADA’s eyes are glued on breaching the $0.74 as this will escalate its chances of hitting the $0.88 and $1 zones.
According to CoinGecko data, Cardano was up 13.7% in the past two weeks to hit $0.7 at the time of writing.
Meanwhile, Cardano is witnessing a bullish picture because the odds of an exchange-traded fund (ETF) recently climbed to 70% amid ADA experiencing heavy accumulation from institutions.
Market analyst Dan Gambardello recently opined that the Cardano network would be the engine behind unlocking Bitcoin decentralized finance (DeFi).
Gambardello pointed out, “Bitcoin has flipped Silver and is headed to many more trillions. Cardano is the blockchain which is going to unlock a secure Bitcoin DeFi.”
Therefore, time will tell how Cardano plays out in the short term as bullishness engulfs its ecosystem.
