Is Cardano (ADA) on a Bullish Breakthrough after climbing over the critical $1 price mark?

Cardano (ADA) has been on a bullish streak in recent days, and the cryptocurrency may be maintaining its upward trend after passing the critical $1 price mark. Notably, the decentralized (DeFi) asset is currently trading above its 50-day Exponential Moving Average (EMA), which measures trend direction over time in the same way that the Simple Moving Average (SMA) does. The 50-day EMA gives more weight to more recent data and is commonly used by crypto traders as a bullish uptrend signal.

The largest Proof-of-Stake (PoS) network is currently trading above its 20-day and 50-day EMA, crypto traders can use it to help predict the direction of the current trend while minimizing the impact of random price fluctuations, as moving averages can help you determine where support and resistance are located. According to CoinMarketCap data, Cardano is currently trading at $1.01, up 5.19 % in the last 24 hours and 25.53 % over the last week.

Also, ADA is one of the few digital currencies in the top 10 trading in the green at the time of publication. Cardano currently has a market valuation of $32.8 billion, making it the seventh most valuable cryptocurrency by market capitalization.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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