Cardano Faces Make-or-Break Situation as ADA Bulls Eye $8 Price

Cardano (ADA) continues to trend in murky waters as the eighth-largest cryptocurrency is in a make-or-break situation.

This is based on the fact that ADA is hovering around the major support level of $0.68 and $0.80 as acknowledged by renowned market analyst Ali Martinez.

Therefore, according to the above chart, a breakout to the downside will spell doom for Cardano since it might drop to the $0.33 area.

Nevertheless, if ADA breaches $0.80, its journey of reclaiming the psychological price of $1 will be firmly locked. 

According to CoinGecko data, Cardano’s price was hovering around $0.6636 at the time of writing. 

Advertisement  

Is Cardano’s Price Revival on the Horizon?

Since ETFs usually trigger a bullish picture due to intensified institutional investments, Cardano is considering this route.

This is based on Grayscale’s Cardano ETF application with the United States Securities and Exchange Commission (SEC).

Grayscale is a leading American asset management firm with assets under management (AUM) worth $50 billion.

Therefore, a price revival will be imminent if a Cardano ETF gets the green light.

Furthermore, ADA’s bullish sentiment is supported by various on-chain metrics.

For instance, a market analyst who goes by the pseudonym Bleeves Crypto recently pointed out that if Cardano continued following the Golden Ration playbook, a surge to $8 would materialize.

The analyst stated, “If Cardano ADA plays out to the Golden Ratio from the bottom and top of the last Bull cycle then it is due for a move to $8.06.”

Martinez also acknowledged that Cardano would reclaim the $1 price level if it continued mirroring BNB’s trend.