Cardano (ADA) price has caught the attention of crypto investors once again, as it shows signs of recovery amid a broader market bounce. Traders and analysts are now eyeing the $2 mark, with some even predicting a potential surge to $2.60 if certain conditions are met.
Cardano Price Surges Amid Crypto Market Recovery
As of the latest update, Cardano price surged by over 1.6%, trading around $0.5640, even though its 24-hour trading volume dropped by 13% to approximately $417 million. In the last 24 hours, ADA has fluctuated between $0.546 and $0.564, suggesting a period of consolidation.
Despite the daily gain, Cardano has dropped more than 2% over the last seven days. On a monthly scale, the coin has experienced a notable 23% decline, signaling ongoing volatility in the market.
Meanwhile, Cardano’s Relative Strength Index (RSI) was recorded at 36, suggesting the asset still has room for upward momentum.
Crucial ADA Price Levels to Watch
According to analysts, $0.47 serves as a strong support level for Cardano. While short-term price dips below $0.50 remain possible, this support may prevent significant downside movement.
One key resistance level identified by analysts is $0.5831. Breaking above this level could pave the way for a sharp rally, similar to past breakouts that led to 240% gains in ADA’s price.
ADA Price Prediction: Can It Reach $2 or More?
A recent chart pattern suggests Cardano is nearing a critical trendline resistance. If this resistance is breached, some experts anticipate a potential surge towards $2 and possibly even $2.60. These projections are contingent on technical breakouts and growing investor interest.
Cardano ETF Approval Could Be a Game-Changer
One of the biggest drivers for ADA price could be the approval of a Cardano ETF in the US. With increasing optimism around crypto ETFs, market confidence is rising.
According to Polymarket data, there is a 77% chance of a Cardano ETF approval. Bloomberg analysts have projected even higher odds, placing a 90% probability of approval in 2025.
If approved, an ADA ETF could attract significant institutional investment, potentially driving Cardano price well above $2.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.