Cardano's price surged by 16% over the past 24 hours, reaching $0.98, driven by positive technical signals and new market developments.
Cardano Price Surge
Cardano demonstrated a significant price increase, hitting $0.98 on August 14. This rise was attributed to positive technical signals and favorable market conditions that may support the cryptocurrency's continued advance.
Technical Indicators Support Positive Outlook
Market analyst Ali noted that Cardano's price could reach $1.50, citing an inverse head-and-shoulders pattern visible on recent charts. ADA surpassed the resistance level at $0.94, a move often followed by stronger rallies. Given the upward trend since late July, the price is expected to rise to $1.20 and potentially $1.50 if key levels hold.
Market Positioning and ETF Speculation
Additional market sentiment was boosted by news that Grayscale has formed trusts in Delaware for both Cardano and Hedera. This approach has historically preceded the launch of new investment products and is now fueling speculation about a potential Cardano spot ETF. Such a product could expand the investor base and improve market liquidity.
In summary, strong technical setups and ETF speculation have strengthened the positive outlook for Cardano. If the price remains above the $0.94 breakout point, there are opportunities for further gains.
