Cardano's (ADA) price has surged amid investor optimism regarding potential ETF approvals and a positive analytical backdrop.
Price Movement Structure of Cardano
Analyst Javon Marks noted that ADA is repeating a price structure seen in past rallies. This structure involves a falling wedge followed by a breakout. Similar movements in 2023 and late 2024 led to sharp price gains.
ETF Approval Odds
Bullish sentiment intensified after data from Polymarket showed odds for a spot Cardano ETF approval rising to 71%, up from 59% earlier this week. This increase followed President Trump’s signing of an executive order aimed at integrating cryptocurrencies into US 401(k) retirement plans.
Current Market Trends and Projections
ADA's price has gained over 58% in July, breaking past its recent consolidation. Marks expects this move to extend toward $1.20 before potentially reaching $2.90, representing a 261% increase from current levels. Traders are closely watching for confirmation of ETF approval.
The cryptocurrency market, including Cardano, continues to show positive signals driven by both technical and policy-related factors. The anticipation of ETF approval provides grounds for further investments and potential growth.
