- Cardano’s price surged to $0.90, marking a 13% increase from its lowest level this year, signaling growing investor demand.
- Technical analysis predicts a 20% rise in Cardano’s price, with a target of $1.0640 based on a bullish falling wedge pattern.
- The SEC’s decision on the Grayscale ADA ETF, set for October 22, has elevated market expectations, with an 87% chance of approval.
Cardano’s price showed a notable recovery on September 9, reaching its highest point since August, fueled by positive technical indicators and growing investor optimism. The cryptocurrency rose to $0.90, marking a 13% increase from its yearly low and bringing its market capitalization to over $31.7 billion. This surge comes amid increasing expectations of an upcoming breakthrough in the ADA ETF approval process.
Technical analysis reveals that Cardano may continue its upward trajectory in the coming weeks. The coin’s eight-hour chart formed a falling wedge pattern, indicating a bullish breakout after a period of consolidation. This pattern, characterized by converging trendlines, suggests that the price is likely to rise further. Based on this formation, analysts predict a potential price target of $1.0640, signaling a 20% increase from current levels.
SEC’s Upcoming ADA ETF Decision
The driving force behind the optimism surrounding Cardano’s price is the approaching deadline for the U.S. Securities and Exchange Commission (SEC) decision on the Grayscale ADA ETF. The SEC is expected to announce its decision on October 22, with market analysts speculating a high likelihood of approval. Polymarket data indicates an 87% probability of approval, reflecting the growing confidence in Cardano’s potential for ETF inclusion. This approval would likely be a catalyst for a continued price rise in the short term.
Source: TradingView
Cardano has established itself as a well-known, made-in-America cryptocurrency with significant utility. Like Ethereum, Cardano operates on a proof-of-stake model, supporting decentralized applications. With a market cap surpassing $31 billion, Cardano’s liquidity and Strong fundamentals position it as an attractive asset in the crypto market, further bolstering expectations for price growth.
Market Sentiment and Future Outlook
While the approval of the ADA ETF is a key catalyst, experts caution that the initial surge following approval may not be sustained. Although Cardano is well-positioned for growth toward the October decision, the long-term impact of the ETF approval remains uncertain. Initial inflows into the Cardano ETFs may be limited, which could lead to a pullback once the approval is confirmed.
However, the bullish sentiment surrounding the token remains strong, as Cardano’s growing utility and solid market position continue to attract interest from investors and market participants alike.
