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Cardano Death Cross Emerges, But It’s Not What Was Expected
A death cross has recently formed on Cardano’s hourly chart, which typically indicates bearish momentum. However, in a shocking twist, the cryptocurrency flipped the script and rebounded from lows of $0.536 to rise towards its hourly moving averages at $0.559 and $0.65 respectively.
As seen on the ADA/USD hourly chart (Courtesy: TradingView), an hourly 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 these hourly death crosses are less significant than their daily or weekly counterparts, they often set the tone for short-term sentiment.
Contrary to expectations, Cardano’s price did not continue falling but instead hit a bottom and reversed course, bouncing back towards levels aligned with its hourly moving averages.
Source: u.today
