Cardano ([ADA]) successfully breaks through the long-awaited resistance level at $0.86 and demonstrates active growth amidst news of a possible ETF from Grayscale.
Current Cardano Market Situation
The price of Cardano showed signs of a powerful recovery after forming a double bottom with equal lows around $0.51 and a neckline at $0.86. A previous breakout attempt in late July was unsuccessful; however, the current breakout, which took place recently, appears more convincing, bolstered by high volume activity.
Cardano Price Forecast
If buyers can maintain the current uptrend and establish support above $0.86, this could lead to a target around $1.21, representing potential growth of 22% from the current price of $0.99. Breaking through the psychological level of $1.00 in a daily close would also strengthen the bullish outlook.
Reasons Behind Cardano Price Surge
A significant factor for the rise in Cardano’s price has been Grayscale's announcement of the registration of ETFs for Cardano and Hedera. This news implies the potential launch of regulated investment vehicles in the near term, creating additional positive momentum for price movements.
Thus, Cardano has demonstrated the potential for further growth, supported by both technical factors and serious fundamental news related to the potential ETF.
