Analysts anticipate further growth in Cardano price by 2025
Cardano (ADA) has once again sparked interest in the market due to its recent price action, which experts believe could set the stage for a significant move in the near future. Despite facing challenges in recent weeks, ADA has been holding steady at around $0.80, demonstrating resilience around the $0.79 and $0.75 support levels amidst a broader market downturn. Traders have taken note of ADA’s descending wedge pattern, historically a precursor to breakouts. While ADA briefly exceeded $1.00 earlier in August before retreating, it found support near Fibonacci retracement levels, a positive indication for bullish investors.
The technical setup suggests that ADA may have more room to grow, with momentum indicators signaling an oversold market waiting for buyers to step in. Analysts believe that reclaiming the $0.94 level could signal strength and potentially pave the way for gains towards $1.30 and even $1.80 in the medium term. While there is a risk of lower levels near $0.32 if support fails, ongoing accumulation by long-term holders and consistent consolidation are keeping market sentiment bullish.
Recent developments have further fueled optimism around ADA, particularly concerning institutional adoption. Grayscale’s updated S-1 filing with the U.S. SEC for a Cardano ETF has increased the likelihood of approval to about 90%, according to Bloomberg analysts. If approved, the ETF would hold ADA in Coinbase custody and track the CoinDesk Cardano Price Index, offering institutions a regulated avenue into ADA without the complexities of self-custody. Similar to the impact of Bitcoin and Ethereum ETFs on institutional demand, a Cardano ETF could inject fresh liquidity into ADA markets and signify growing confidence in Cardano’s ecosystem.
With a promising chart setup and supportive external factors, Cardano appears to be at a critical juncture. Whether the anticipated breakout happens swiftly or unfolds gradually, both technical indicators and fundamental developments point towards ADA’s potential for a significant uptrend in the months ahead.
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