Cardano Logs First Weekly Golden Cross, Sparking Bullish Optimism

Cardano, a prominent cryptocurrency, has recently experienced a significant development in its technical analysis. The cryptocurrency has logged its first-ever weekly golden cross, with the 50-week moving average climbing above the 200-week line. This rare occurrence is often seen as a bullish signal, indicating that buyers may be gaining the upper hand after a period of sideways movement.

Despite this positive development, Cardano's price remains below key moving averages. Currently, ADA is trading at $0.60, under both its 50-day moving average at $0.66 and its 200-day moving average at $0.64. This gap suggests that bulls will need more momentum to push the price back above these critical levels. However, the weekly golden cross has sparked optimism among many traders, who are now calling for a potential bullish move ahead.

Analysts have identified several price levels to watch. According to MasterAnanda, ADA will likely need to reclaim its 34-period Exponential Moving Average (EMA) and the 200-day moving average before a real uptrend can take hold. If ADA closes above $0.64, it could attract new buyers. Conversely, a drop below $0.59 might trigger more selling pressure.

In addition to the technical indicators, there has been notable activity from large holders, or "whales," in the Cardano market. Analyst Ali Martinez has observed that these large holders have accumulated approximately 120 million ADA over the past two weeks. These addresses, each holding between 1 million and 10 million ADA, now control roughly 5.5 billion ADA, valued at around $3.3 billion at current prices. This accumulation often suggests confidence in the price heading higher, but it can also lead to quick flips if whales decide to take profits.

Several price targets have emerged in recent weeks, with some analysts expecting ADA to climb to $1.33, while others predict it could reach $10 during this cycle. According to the price prediction site, Cardano has seen 14 out of the last 30 days end in green, with volatility around 7.54%. However, technical indicators currently lean bearish, and the Fear & Greed Index sits at 59, indicating a neutral sentiment.

Despite the bullish signal from the weekly golden cross, Cardano's price still needs to clear shorter-term hurdles. Traders looking for confirmation may wait for ADA to close above $0.66 on the daily chart. Those already in position might set a stop-loss below $0.59 to guard against a rejection. With whale activity on the rise and long-term targets ranging from $1.33 to $10, Cardano is once again on investors' radar. However, broader market trends, especially movements in Bitcoin, will likely dictate whether ADA's momentum can sustain.