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Cardano Death Cross Emerges, But It’s Not What Was Expected
A recent death cross has emerged on the hourly chart of Cardano (ADA), which typically signals a potential bearish momentum. However, in a surprising twist, the cryptocurrency flipped the script by rebounding from lows and rising toward its hourly moving averages at $0.559 and $0.65.
A death cross occurs when the short-term moving average (typically the 50-hour MA) falls below the long-term moving average (such as the 200-hour MA). Although hourly death crosses are less significant than those found on daily or weekly charts, they can set a tone for short-term sentiment.
In this instance, however, Cardano’s price has surprisingly rebounded from lows of $0.536 and began to rise towards its hourly moving averages.
Source: u.today
