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ADA Price Recovery- ADA Rebounds with Golden Cross
ADA Price Recovery– Cardano (ADA), the 10th largest cryptocurrency by market cap, has formed a golden cross pattern on its hourly chart for the first time this August. This technical pattern is typically seen as a bullish signal, occurring when the 50-period simple moving average (SMA) crosses above the 200-period SMA.
On the hourly timeframe, ADA’s 50-hour SMA recently moved above the 200-hour SMA, suggesting a shift in short-term momentum. This crossover indicates that the recent selling pressure might be fading as buyers regain control.
From Death Cross to Recovery
Earlier in the month, ADA faced downward pressure, dropping to a low of $0.684 on August 2. This decline followed a death cross on the 4-hour chart, where the 50-period SMA moved below the 200-period SMA — a bearish signal. Despite the weak start to the month, Cardano has bounced back, rising over 5.7% in the past 24 hours to $0.80 at the time of writing.
Eyes on the $1 Level
With momentum shifting, traders are now watching key resistance levels at $0.86 and $0.94. A break above these could bring ADA closer to the $1 mark — a level last reached in March following news of a crypto strategic reserve. In July, bulls made a similar attempt, peaking at $0.935 before facing resistance.
Development Updates Support Outlook
In positive fundamental news, Input Output (IO), Cardano’s core development team, received approval for a $71 million treasury allocation. The funding will support network upgrades, including Hydra and Project Acropolis — both aimed at improving scalability and utility. These developments could drive increased developer activity and long-term demand for ADA.
