Cardano Price To Hit $1.35 If ADA Breaks This Crucial Support, Analyst Predicts
Cardano price has recorded a sharp decline today, falling below the key support of the $0.8 mark. While this recent drop has sparked discussions in the market, a flurry of experts remained optimistic about the future trajectory of the coin, given the recent positive market trends. Notably, a renowned expert has recently highlighted key price levels that ADA must breach to hit the $1.35 mark.
Cardano Price Breakout: Key Levels To Watch
Although Cardano price has recorded a slump today, wiping off its weekly gains, analysts remain optimistic about the long-term trajectory of the coin. For instance, renowned crypto analyst Rose Premium Signals recently highlighted ADA’s price action, emphasizing the need for a breakout above crucial resistance levels.
The analyst pointed to a potential falling wedge breakout, indicating a shift from the current downtrend to a bullish reversal. According to the expert, ADA must surpass $0.9837 for a confirmed uptrend. If this happens, the token could surge toward its next price targets of $1.1619 and $1.3529.
Meanwhile, this prediction aligns with the broader sentiment that ADA could see significant upside momentum if buyers regain control. However, failure to hold above resistance could lead to further downside pressure.
Institutional Interest & ETF Speculations Fuel Sentiment
A major factor supporting the potential rally of Cardano price is growing institutional interest. Cardano has attracted considerable capital inflows, indicating strong confidence from big investors. A recent CoinShares report revealed that ADA recorded $1.9 million in inflows last week, with a total of $4.4 million added over the past month.
In contrast, Bitcoin and Ethereum both saw massive outflows of $430 million and $7.2 million, respectively. This shift in institutional money suggests that investors are diversifying into other altcoins like XRP, Solana, Cardano, and others, further strengthening its bullish case. Considering these bullish market events, a recent ADA price analysis hints at a potential rally to $7 for the crypto.
Simultaneously, speculations about a potential Cardano ETF have intensified. Last week, Grayscale filed for ADA ETF with the NYSE, sparking discussions about a possible regulatory nod for an ADA-based exchange-traded fund. If approved, this could significantly boost ADA’s adoption and price momentum.
What’s Next For Cardano Price?
ADA price today was down nearly 3%, and hands were exchanged at $0.7719 after touching a 24-hour high of $0.8269. The crypto’s one-day trading volume went up 37% to $935.33 million and its Relative Strength Index was at 42, indicating more steam left for the crypto ahead.
However, Cardano Futures Open Interest mirrors its current performance and was down 3% to $726.71 million. Besides, a recent ADA price prediction showed that the crypto could consolidate between the $0.8352123 and $0.8568596 range for the next few weeks.
Meanwhile, it’s worth noting that despite the broader crypto market having shown mixed trends, ADA remains one of the few altcoins witnessing sustained investor interest. The next few trading sessions will be crucial in determining whether Cardano price can reclaim key resistance levels and set its sights on the $1.35 target.
For now, ADA traders should closely monitor the $0.9837 resistance. If Cardano successfully holds above this level, it could trigger a strong rally. However, failure to do so may result in further consolidation or declines.
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