Cardano (ADA) might see a return to the $2 mark as a right-angled descending wedge pattern emerges, hinting at a potential price rally.
ADA Current Price Situation
Currently, ADA is trading at $0.7145, far below the $2 mark seen over three years ago. A right-angled descending wedge pattern could indicate a substantial upward move if a daily close above $1.15 is confirmed.
Regulatory Changes and Impact
The dismissal of the cases against Coinbase and Kraken regarding whether ADA is an unregistered security had been a factor weighing on investor sentiment. Now, with that burden lifted, ADA is back in the spotlight.
Potential Growth Factors for Cardano
Discussions about an ADA ETF and Cardano's potential inclusion in a U.S. Digital Asset Stockpile add further intrigue to the mix. Institutional interest and market legitimacy are crucial, but without confirmed technical signals, this remains speculative.
The key focus remains on the $1.15 level. Without surpassing this threshold, any breakout scenario is still hypothetical. It’s up for the market to decide if Cardano will overcome the resistance or just remain another technical setup.
