Today, Cardano (ADA) price plummeted below the key support level of $0.8 with a significant drop. However, some analysts remain optimistic about the future of this cryptocurrency. Renowned analyst Rose Premium Signals recently pointed out a potential price movement in ADA and emphasized that to shift from a downtrend to an uptrend, key resistances need to be broken. He referred to a breakout from a descending wedge pattern indicating a price reversal. According to his analysis, Cardano needs to surpass $0.9837 to confirm an uptrend. If it breaks this level, the price could rise to the next targets of $1.1619 and $1.3529. On the other hand, the increasing interest of institutional investors is a factor that could contribute to Cardano’s price growth. Recent reports by CoinShares show that $1.9 million of new capital entered the ADA market last week. Over the past month, these inflows totaled $4.4 million, while Bitcoin and Ethereum witnessed significant outflows of $430 million and $7.2 million, respectively. This trend indicates that investors are diversifying their asset portfolios and showing more interest in altcoins like Cardano, Solana (SOL), and Ripple (XRP). Additionally, speculations about launching a Cardano ETF have emerged. Last week, Grayscale filed for the registration of an Exchange-Traded Fund (ETF) based on ADA. If approved, this request may lead to increased acceptance and price of this cryptocurrency. On the other hand, open interest in ADA futures contracts has decreased by 3% to $726.71 million, and some predictions suggest that ADA’s price may consolidate in the range of $0.8352123 to $0.8568596. Overall, if Cardano can break the $0.9837 resistance, there is a possibility of its price rising to $1.35. Otherwise, the downtrend may continue. You can track the prices of all tokens and cryptocurrencies live on the momentary price page.
