Cardano (ADA) has been making headlines for its recent formation of a golden cross on the daily chart, which is a promising sign for the cryptocurrency community.
A golden cross occurs when the daily moving average (MA) 50 rises above the moving average (MA) 200, signaling a possible shift to a long-term bull market.
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This development has caught the attention of traders, who are keeping a close eye on Cardano’s performance after a significant price increase over the weekend. If Cardano is able to close the day positively today, it will mark the third consecutive day of gains for ADA.
Interestingly, Cardano experienced a noteworthy rally in October, emerging from a long period of minor volatility following the emergence of the death cross pattern in June. XRP experienced a similar death cross in September, prompting experts to advise investors to proceed with caution.
Following this death cross pattern, Cardano surged higher, reaching nearly $0.4 before starting to fall again. This behavior has some questioning the sustainability of the current bull market. Many expect Cardano to experience a brief correction but eventually continue rising higher.
Data from CoinMarketCap shows Cardano trading at $0.3928, up 4.21% in 24 hours. The cryptocurrency has had a stellar month and is currently up 6.73% over the past seven days and 51.61% over the past month.
Cardano hit a new monthly high on November 16, reaching $0.4061, and currently ranks eighth with a market capitalization of $13.85 billion. Cardano’s trading volume has also increased in the past 24 hours, growing by 10.97% to reach $374.5 million.
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This growth can be attributed to the Voltaire upgrade roadmap, which brings Cardano (ADA) closer to a fully decentralized future. Age of Voltaire is the final phase of the Cardano roadmap and will transfer power of the ecosystem to the community.
Cardano’s shift to fully decentralized governance puts it at the forefront of the cryptocurrency industry in terms of complete decentralization, and this upgrade aims to create a self-sustaining blockchain ecosystem.
Considering the Voltaire upgrade and the recent Golden Cross pattern, Cardano could be on the cusp of a major move higher. One analyst recently predicted a significant rise for Cardano. This prediction is based on replicating a consolidation phase and the resulting breakout could send Cardano up 1.750% to $6.5.
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Information source: compiled from TIMESTABLOID by 0x information.Copyright belongs to the author Tobi Loba and may not be reproduced without permission.