Cardano (ADA) has recently seen a sharp decline, dropping below the significant support level of $0.80. While this has raised concerns among investors, many analysts remain optimistic about ADA’s future performance. A renowned crypto expert has pinpointed critical price levels, suggesting that Cardano could surge toward $1.35 if it breaks key resistance levels.
Cardano Price Breakout: Key Levels to Watch
Despite ADA’s recent slump, wiping off its weekly gains, market sentiment remains largely positive. Crypto analyst Rose Premium Signals highlighted ADA’s price action, noting that ADA needs to break above $0.9837 to confirm an uptrend. If ADA surpasses this resistance, it could potentially rally towards $1.1619 and even $1.3529, as part of a bullish reversal from its current downtrend.
➡️ $ADA/USDT Analysis :
— Rose Premium Signals 🌹 (@VipRoseTr) February 17, 2025
🔔#ADA Confirmation Needed – We must break and hold above resistance before a full bullish confirmation!
➡️Falling Wedge Breakout Potential – Reversing from downtrend 📈
➡️Key Resistance at $0.9837 – Must Break for Confirmation
🎯 Target 1: $0.9837
🎯… pic.twitter.com/YpDYccofFN
This optimistic outlook is bolstered by a potential falling wedge breakout, which signals a shift towards upward momentum. However, failure to breach the $0.9837 mark may invite further downside pressure, putting the $0.80 support at risk once more.
Institutional Interest & ETF Speculations Fuel Sentiment
A major factor supporting ADA’s potential rally is growing institutional interest. A recent CoinShares report revealed that ADA saw $1.9 million in inflows last week, with $4.4 million in total added over the past month. This contrasts with Bitcoin and Ethereum, which both saw significant outflows. The increasing institutional confidence signals that investors are diversifying into altcoins like Cardano, strengthening the bullish narrative for ADA.
Moreover, speculation around a Cardano ETF has also gained momentum. Grayscale recently filed for an ADA ETF with the NYSE, prompting discussions about a potential regulatory approval. If such an ETF is launched, it could dramatically boost ADA’s adoption and price.
Also Read: Cardano’s Charles Hoskinson Reacts as Elon Musk’s DOGE Investigates SEC for Waste, Fraud, and Abuse
What’s Next for Cardano?
Currently trading around $0.77, ADA’s short-term outlook remains uncertain. Analysts suggest that ADA may consolidate within the $0.83-$0.86 range for the next few weeks. However, ADA traders should closely monitor the $0.9837 resistance level. A successful breakout could trigger a rally toward $1.35, but failure to hold above this level could result in further consolidation or declines.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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