Takeaways from the conference:
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ADA technicals have strengthened, and a possible rise of $2 is now possible.
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The volume of ADA futures is up to $7 billion in five months, reflecting the institutional interest.
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Cardano’s TVL or total value locked is on the rise along with ETF acceptance odds.
Cardano (ADA() was up as much as 37 percent in August. Although the price of bitcoin has retraced since then, multiple bullish signs suggest that it is likely to break out above $1.
Cardano Bull Flag Pattern Targets $1.80
ADA’s price technicals are showing a breakout of its prevailing level. bull flag patternAnalyst Clifton Fx.
Since December, the ADA/USD pair is consolidating within a wide flag range and has steadily absorbed selling pressure. This phase usually ends in a break above the upper limit of the flag.
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This breakout seems to be in progress, as ADA is facing opposition from $1. A level which has been suppressing the price of ADA since December 2024.
“Bullish flag upside breakout has been confirmed in the 3-day time frame,” Clifton said Add this to the X on Thursday:
“Now expecting a massive 100% – 150% bullish rally in the coming weeks.”
The bullish breakout would be confirmed by a three-day close and a new test of $1 (as a level of support). A technical target for the bull flag is $1.80.
As shown below, a similar pattern can be observed at lower timeframes with a four-hour bull flag and a price target of $1.27 ADA.
ADA Price Symmetrical Triangle Targets $2
The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView ADA is trading at a higher level than a symmetrical triangle In the graph below, the data is shown for the week.
To continue on the upward path, the price needs to close above the psychological $1 level. The target for this is $2.12.
A move of this kind would result in a gain totaling 126% over the present level.
Relative strength index (or RSIThe % of bullish timeframes has steadily increased from mid-June to now 59.
Cardano futures volume hits 5-month highs
The bulls are further supported by positive signals coming from the market. Glassnode data shows that ADA futures volumes are at a 5-month high, $7 billion.
As shown below, since April 1, ADA’s futures volumes have remained between $1 and $4 billion. This sudden increase reflects high institutional and retail demand, which boosts liquidity and confidence in the market.
The futures volumes has reached the March 2025 level, which was the last time that the ADA Prices were higher than $1.
The odds of a spot Cardano ETF are also increasing, and the approval rate is jumping to 81% Polymarket reports that Tuesday, the percentage of shoppers who purchased a product has increased to 69% from 59% as recently as August 6.
The same is true for the total value locked Cardano DeFi protocol (TVL) is on the rise.
Cardano TVL’s has risen 56% from $271 to $423.6 millions, the highest level since March.
In the past, growths similar to those seen today have also occurred. massive ADA price rallies. The During post-election periodThe increase of 271% in TVL is accompanied by a 300% rally in ADA price.
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Source: cointelegraph.com
