Cardano prices continued their strong recovery today, September 9, reaching the highest point since august. As the deadline to approve ADA ETF approaches, technicals suggest that Cardano’s price will rise further in the coming weeks.
You can read more about it here:
- Cardano’s price may rise 20% over the next few weeks.
- In October, the SEC is expected to announce its final decision regarding ADA ETF.
- The ADA is likely to rise towards approval.
Cardano (ADA() rose from $0.80 to $0.9, an increase of 13% over its previous low. This brings its capitalization up to $31.7 billion. Daily volume increased to more than $1.7 billion as a result of strong demand.
Cardano technical analysis predicts a jump of 20% in the price
Charts for the eight-hour period show that there could be more gains up to $1,0640. The chart has formed the falling wedge pattern which is marked by two converging and descending trendlines.
Two lines are approaching confluence. This explains the bullish breakout it made above upper trendline. To estimate the target price in a rising wedge pattern, first measure the largest part.
Then, measure the distance to the breakout. This means, in this instance, that there is a good chance the coin could experience a bullish break out, possibly reaching $1.0640, or 21% higher than the current price.
The price is set a few percentage points higher than the Murrey Math Lines’ extreme overshoot. If it falls below the pivot point reverse at $0.8300, then this bullish ADA forecast is invalid.
Approval of the ADA ETF is the primary catalyst
Cardano’s price is expected to surge due to the Securities and Exchange Commission setting the October 22nd deadline for approval of Grayscale ADA ETF.
Polymarket data shows The odds of the agency approving this fund has risen to 87%. This is just a few percentage points lower than the previous record high (89%).
Cardano’s utility and well-known status in the United States are likely to increase its odds of acceptance. Ethereum is similar to Cardano (ETHIt’s a coin built on the basis of proof-of stake that can be used to build decentralized applications.
Cardano, a coin that has a $31 billion market cap and is very liquid, is an example of a large-cap currency. The coin is likely to continue its upward trend until the ETF’s approval, and then begin a downward spiral afterward. This will be because Cardano ETFs are unlikely to attract significant inflows at first.
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Source: crypto.news
