TLDR
- Cardano’s price remains above critical support levels, signaling potential for further gains.
- The SEC’s approval of the Grayscale ADA ETF could provide a major catalyst for Cardano’s price surge.
- Technical indicators like the Ichimoku cloud and Murrey Math Lines suggest a bullish outlook for Cardano.
- Polymarket estimates an 87% chance that the SEC will approve the Grayscale ADA ETF by October 22.
- Cardano has formed a double-bottom pattern, typically signaling a bullish reversal in price.
Cardano’s price shows strong potential for growth as expectations rise for the SEC to approve the Grayscale ADA ETF by October 22. The price has remained above key support levels, bolstered by technical indicators like the Ichimoku cloud and Murrey Math Lines. Investors remain hopeful, with the odds of ETF approval increasing to 87%, offering bullish prospects for Cardano’s future.
SEC’s Approval of Grayscale ADA ETF Could Catalyze Cardano Price Surge
The SEC’s decision to approve the Grayscale ADA ETF is expected to drive Cardano’s price higher. The approval is seen as a significant event that could positively affect the broader crypto market. A key indicator for this approval is the SEC’s recent move to standardize altcoin listings, allowing for faster launches of crypto funds. As part of this effort, Cardano was included in the list of eligible assets for ETF inclusion.
“Cardano is positioned well for approval due to its prominence in the U.S. market and its established reputation,” stated an industry analyst. With approval from the SEC, Cardano could benefit from increased investor interest and liquidity. This would make Cardano more accessible to institutional investors, pushing its price higher. As of now, Polymarket places the probability of approval at 87%, fueling optimism among traders.
Cardano Price Shows Bullish Signals on Technical Charts
Technicals point to continued upward momentum for Cardano’s price. The coin recently formed a double-bottom pattern, typically signaling a bullish reversal. Cardano’s price has bounced back from the $0.5025 level, its lowest point in April and June this year. As a result, it has surged above the neckline at $0.8650, its highest level since May.
Additionally, Cardano has moved above the Ichimoku cloud, a key bullish signal. The chart also shows a golden cross pattern, which occurred on July 22nd. This pattern typically suggests that bulls are in control and indicates potential for further price appreciation. Furthermore, Cardano is trading above key pivot points from the Murrey Math Lines, adding to its bullish outlook.
Traders now eye the resistance level at $1.3272, which represents Cardano’s highest point in December. A move towards this level would represent a 45% increase from the current price. However, any drop below $0.8300 would invalidate the bullish outlook for Cardano.
