- Well, bless my soul! Cardano’s future is lookin’ as bright as a new penny, with institutional interest rising like a hot air balloon, hinting at a mighty capital inflow.
- Some wise analyst, probably with a crystal ball, predicts ADA’s price might just break out, based on patterns from yesteryears and some recent shenanigans.
Cardano [ADA] has caught the eye of investors like a catfish in a barrel, ever since Grayscale decided to throw its hat in the ring with a Cardano Spot ETF on the 11th of February.
As of this very moment, ADA was trading at a modest $0.7990, with its trading volume rising by 3.6% in the last 24 hours and a whopping 12% in the previous week, according to the good folks at CoinMarketCap.
Whale Accumulation & Spot ETF Interest
Grayscale has recently filed for a Cardano ETF, and the NYSE is buzzing with institutional interest, suggesting that Cardano could be in for a tidal wave of liquidity in the coming months. Hold onto your hats!
Bloomberg, that ever-watchful hawk, reported that Cardano ETFs now have a 60% chance of being approved, while investors are eyeing the 27th of March like a hawk on a rabbit. Will it be approval, denial, or just a good ol’ extension?
After Cardano’s price took a nosedive last December, the big fish have been slowly gobbling up ADA, hoping to see history repeat itself like a bad joke.
Technical Analysis & Historical Pattern
Peering at the daily chart, Cardano has been on a bullish tear over the past week, making higher highs like a kid on a sugar rush, suggesting the formation of an uptrend.
The current price action looks a lot like the altcoin’s 2019-2020 accumulation phase before the 2021 bull run, which was as exciting as a rollercoaster ride.
TapTools shared this analysis on X (formerly Twitter), suggesting that the accumulation period of ADA since 2022 was akin to the previous bull run on the weekly chart. Ain’t that a hoot?
Cardano has been trading in the upper range of this accumulation zone, signaling a potential breakout towards the $1 key psychological level. Fingers crossed, folks!
A Look into On-Chain Insights
Cardano’s RSI has risen from 44 to 55, based on CryptoWaves data, indicating that traders were actively buying ADA and that the altcoin was not yet overbought at press time. A little breathing room, eh?
According to Santiment data, the previous week saw ADA’s active wallet addresses gradually rise as trading volume increased, suggesting a growing network activity. It’s like a party, and everyone’s invited!
The market was predominantly bullish, based on exchange signals data, showing that more investors had started to believe in Cardano’s future. It’s like a revival meeting, folks!
Cardano’s Plomin hard fork on decentralized governance gave power to its token HODLers, boosting its projected growth earlier this month. Talk about a power trip!
The anticipated spot ETF approvals, historical patterns, and the Plomin hard fork suggest a potential price breakout above the $1 key psychological level and the eventual bull rally targeting the $3 key resistance level. It’s a wild ride, folks!
These factors raise the chances of Cardano’s bull rally from moderate to high in the next few weeks. Buckle up, it’s gonna be a bumpy ride!
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2025-02-16 11:11