Key Insights:
- Analysts predict a possible ADA rally to $4 as ETF approval odds climb.
- Analysts like Ali Martinez believe Cardano is “at the beginning of an explosive move.”
- Cardano’s fundamentals and institutional interest align with a strong move.
Cardano price is gaining attention again as technical signals drive investor sentiment. Odds of a Cardano ETF approval have recently risen to 83% on Polymarket. Also, analysts predict a rally that could take ADA as high as $4 or even $6.
Over the past month, the Cardano price has outperformed many top altcoins. It’s up nearly 39%, and is backed by strong technical indicators and whale activity, amid hopes of institutional investment.
Cardano Price Poised for Breakout
According to analysts, Cardano has entered bullish territory on the weekly chart. ADA is now trading above some of its previous resistance levels and forming a bullish flag. For context, this pattern tends to come before strong upward moves.
Despite a slightly negative oscillator reading, Cardano is worth approaching with patience. This comes as the crypto market continues to grind steadily upwards despite a few pit stops here and there.
For the Cardano price, the short-term targets sit as high as $1.20. However, analysts like Ali Martinez believe this may only be the beginning for the asset.
According to an update on X, the analyst pointed out that ADA mirrors its price action from the previous cycle. However, the only difference is that the cryptocurrency is doing much slower.
Martinez believes that the cryptocurrency could be at the start of an explosive move to the upside. It is as high as $5, the analyst’s target.
Cardano Price Faces Stiff Resistance Levels
However, the trek upwards is not guaranteed to be a smooth one. Analysts have noted that the Cardano price tests the $0.92 resistance area. It has acted as a ceiling for weeks.
A breakout here could confirm a “cup and handle” pattern identified by another analyst, Crypto Smith. This formation is one of the strongest bullish setups. Smith believes that once ADA clears this level, it could reach $4.
The support and resistance levels to watch include $0.85 to $0.90 as immediate support. It is alongside $0.92 as immediate resistance. The next significant resistance sits at around $1.15. The final target for Cardano price is $3 to $4 if the bullish trend holds
Rising ETF Approval Odds And Investor Optimism
Another factor fueling this bullish scenario even more is the rising probability of a Cardano ETF approval in the U.S.
According to data from prediction platform Polymarket, the odds of approval have jumped to around 83%. Bloomberg analysts have also chimed in and are placing that figure closer to 90%.
If approved, a Cardano ETF could open the door to institutional money. This would increase buying pressure on ADA and help it reach new highs.
Can Cardano Hit $4?
The current Cardano price hovers between $0.75 and $0.78. However, bullish scenarios indicate that the cryptocurrency can expect much higher targets. If ADA breaks past $1.15 resistance and holds its ground, the $4 mark becomes a realistic mid-term goal.
Most analysts agree that reaching ADA’s all-time high of $3.09 is possible in the next cycle. However, with ETF news, network growth, and technical strength aligning, some believe $4 isn’t just a stretch. It might be next.
