Since the beginning of the year, Cryptocurrency Cardano (ADA) has successfully broken out of the earlier identified falling wedge seen in the chart below. The digital asset has also pumped by an impressive 76% from a local low of $0.2392 set on December 30th to the local peak of $0.4213.
Cardano’s Pending Golden Cross Could Send ADA to $0.60 and Closer to the 200-week Moving Average
The one-day ADA/USDT chart below, courtesy of Tradingview.com, further shows that Cardano has a pending golden cross between the 50-day (white) and the 200-day (green) moving average that should occur sometime in early March.
The event is usually considered bullish, and it could provide enough momentum for Cardano to inch closer to the $0.60 resistance level and the 200-week moving average located around the same price area.
Cardano’s one-day MFI (green), MACD and RSI all hint at an ongoing pullback, with the 200-day moving average providing adequate short-term support at current levels around $0.39. Its 50-day MA provides additional support around the $0.366 price area, and the 100-day MA doing the same around $0.33.
If Cardano can hold these levels, the above scenario will likely play out with the new month and if Bitcoin manages to break past the $25k resistance level.
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