Cardano Surges 27% in 30 Days While Spot ETF Odds Jump 45% — Is $5 ADA Price Within Reach?
The market outlook for ADA is becoming increasingly bullish, courtesy of the asset’s continued upward movement in May. According to a market expert, the second half of the month looks even more promising for...
The market outlook for ADA is becoming increasingly bullish, courtesy of the asset’s continued upward movement in May. According to a market expert, the second half of the month looks even more promising for the altcoin.
In a recent post shared with X, prominent pseudonymous analyst Ali_Charts shared a potential scenario for the 9th-largest cryptocurrency by market cap. The analyst forecasted $1 as a potentially attainable near-term price point for ADA bulls.
As depicted in his ADA technical chart, which dates back to December 2024, a long-term bullish formation signals a possible price hike to the $1 mark. However, the analyst asserted that this scenario is only attainable if bulls successfully break above the $0.81 resistance level.
Once the hurdle is crossed, ADA bulls could target $1 as the next price mark for the altcoin. The analyst wrote, “If Cardano ADA breaks above the $0.81 resistance, it could set its sights on $1.”
While failure to break resistance has sent the bulls below the $0.80 price mark, the possibility of a retest is still very likely, as the bulls have managed to contain extreme selling pressure.
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At the time of this report, ADA is trading for $0.79, with sustained weekly gains sitting at 6%. Bulls have notably sustained a slow but steady recovery over the past month, with 30-day gains soaring above 27%.
Alongside the positive technical outlook for ADA, another fundamentally bullish uptrend has been spotted in the broader Cardano market. According to data from Taptools, the odds of ADA receiving a spot ETF have soared by 45% since the start of the year, signaling a rise in institutional interest in altcoin ETFs.
An ADA ETF approval could catalyze a price rally for the already promising asset, as with leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH).
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