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Cardano (ADA), currently ninth by market capitalization, has experienced a significant development potentially impacting future price trends. The coin formed a golden cross on its hourly chart, accompanied by a price surge exceeding 9%.

Cardano Volume Nearly Doubles as Momentum Builds

ADA's golden cross, formed when its short-term moving average crossed above its long-term moving average, is a positive sign, particularly for short-term traders. The price has risen from approximately $0.72 to its current level.

According to CoinMarketCap, ADA traded at $0.7923 in the last 24 hours, climbing from a low of $0.7177. Trading volume surged concurrently, increasing by 98.87% to $1.78 billion, suggesting a bullish trend for ADA.

Many view the golden cross as a bullish indicator, hinting at further upward price momentum for ADA. During trading, ADA reached a high of $0.8162, raising expectations of a potential breakthrough to $1. Surpassing this level could displace Dogecoin as the eighth-largest cryptocurrency by market capitalization.

Cardano's Circulation Milestone Enhances Network Credibility

This development positions ADA on the cusp of breaking the $0.80 resistance level, as reported by U.Today. Sustained upward movement requires breaking this resistance and ongoing ecosystem support to maintain prices above $0.80 and target $1.

The Cardano ecosystem recently achieved a significant milestone: it's now the second most distributed cryptocurrency, second only to Bitcoin, both of which have fixed supplies. While Bitcoin has a 21 million coin limit, Cardano's cap is 45 million. Read original article on U.Today