Cardano Price Prediction: Weakness After Break Below $0.750 Ahead of ETF Decision
Cardano price has been trending sideways in recent days, with an evident struggle to break above $0.770. Despite the struggles, there is an underlying optimism over ADA price prospects, with a vital ETF ruling expected later this week. Its daily transaction numbers have climbed from 30,000 to 50,000 since the start of May, affirming rising investor interest. The crypto coin has formed an inverse head and shoulders pattern on the daily chart, hinting at a potential bullish breakout if it […]
Cardano price has been trending sideways in recent days, with an evident struggle to break above $0.770. Despite the struggles, there is an underlying optimism over ADA price prospects, with a vital ETF ruling expected later this week. Its daily transaction numbers have climbed from 30,000 to 50,000 since the start of May, affirming rising investor interest.
The crypto coin has formed an inverse head and shoulders pattern on the daily chart, hinting at a potential bullish breakout if it manages to breach above the $0.742-$0.780 neckline. The consolidation has been taking place above the 9-MA level, raising the prospect of an upward breakout.
Securities and Exchange Commission (SEC) is legally bound to approve, delay or deny Grayscale ADA spot ETF by Thursday, May 29. That sets up Cardano price for an increased volatility in the near-term. In particular, an approval could trigger a strong upside movement due to increased inflows from institutional investors. Conversely, a denial could bring headwinds to the coin and potentially trigger a breakout south of $0.740.
Cardano’s open interest contracts rose in value by 0.19% in the last 24 hours to $428.1 million according to Coinanalyze data. However, much of ADA’ s upside potential will also depend on Bitcoin’s ability to hold above the $105k support mark. The crypto market bellwether has recently struggled to reclaim the $110k level, and is up by a marginal 0.5% in the last week.
Cardano Price Prediction
Cardano price pivots at $0.760 and resistance at that mark favours the sellers to be in control. It will likely find initial support at $0.750. However, a stronger downward momentum could break below that level and potentially test $0.739.
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Alternatively, breaking above $0.760 will invite the buyers to take control. That will likely see the first resistance bult at $0.775. Breaking above that level will invalidate the downside narrative. Also, such momentum could extend gains and send the ADAUSD pair to test $0.787.
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