In recent days, investors have been closely monitoring Cardano (ADA) price changes, as increases and analyst forecasts begin to attract market attention.
Cardano Price Rises Amid Market Recovery
Today, Cardano’s price rose by 2%, reaching $0.5640, although the daily trading volume fell by 13% to $417 million. In the last 24 hours, the price fluctuated between the $0.564 and $0.546 mark. However, despite the recent recovery, ADA has lost more than 2% over the past week, and for the month, it has seen a decline of over 23%. The relative strength index (RSI) was recorded at 36, indicating room for further gains ahead for the asset. Meanwhile, Cardano Futures Open Interest increased by around 2%, reflecting strong confidence among market participants.
Key ADA Price Levels to Watch
Analysts have provided various predictions regarding ADA's future. Noted expert Ali Martinez noted that the support level for ADA is at $0.47. Some expect the cryptocurrency may slip below the $0.50 mark again, while others indicate that the support at $0.47 could result in less volatile trading in the coming days. Another analyst, CryptoSmith, predicted a bullish trend ahead for the asset, highlighting $0.5831 as critical resistance. He noted that breaching this resistance could trigger a significant rally in the asset's price.
Prospects of Cardano ETF and Its Impact on Price
Another key factor that could drive Cardano prices higher in the coming days is the prospect of an ADA ETF approval in the US. Discussions around this approval are growing, given the SEC's shifting pro-crypto stance. According to Polymarket data, Cardano ETF approval odds sit at 77%. Bloomberg analysts James Seyffart and Eric Balchunas recently predicted a 90% chance of a potential ADA ETF approval in 2025. If this approval happens, it could significantly trigger a massive rally in Cardano price.
The Cardano market continues to attract investor attention due to new predictions and opportunities such as the ETF approval. Amid price fluctuations and varying analyst opinions, it is essential to monitor key levels and the unfolding developments.
