ADA Price Poised for $1 Test, Experts Say ‘No Need to Panic,’ Cardano Spot ETF Talks Heating Up

Cardano (ADA), the native cryptocurrency of the Cardano blockchain, has seen a notable surge in the past 48 hours, gaining over 8%.

This price movement has brought ADA close to retesting the critical $1 resistance level, a price point it has struggled to break through in recent months.

A Positive Outlook for ADA Despite Price Pullbacks

After experiencing a decline earlier this week, when ADA dipped to as low as $0.873, the token is now trading at approximately $0.95. Despite these fluctuations, prominent analysts are urging investors not to panic.

ADA bounces off its $0.8 support, signaling a positive outlook as the bull run continues. Source: AMCrypto via X

One such analyst, AMCrypto, noted that as long as ADA holds above the crucial $0.8 support level, there is no immediate cause for concern. “Retesting support levels during bullish cycles is a healthy sign,” AMCrypto remarked on social media. “It indicates strong buyer interest and gives traders an opportunity to accumulate positions before the next rally.”

ADA is likely to text the $1 mark. Source: AMCrypto via X

This sentiment is echoed by other market observers, who suggest that ADA’s recent dip offers a buying opportunity for those looking to enter at more favorable prices. Historically, Cardano has shown resilience at this price point, often bouncing back from similar dips to challenge higher resistance levels.

ADA’s Path to $1.30 and Beyond

Analyst Carl Moon has a more optimistic view, predicting that if the $0.8 support holds, ADA could potentially soar past the $1.30 mark. “The price action has painted a bullish pennant pattern, and a breakout above $1.30 is definitely achievable,” Moon said in his analysis.

The ADA price is expected to hit $1.30 following a bullish pennant pattern. Source: Carl Moon via X

According to CoinMarketCap, Cardano’s impressive run in the last 30 days has seen the token gain close to 92% in value, positioning it nicely to retest previous highs. ADA is, however, still about 69% off its all-time high of $3.10, reached more than three years ago.

The ADA price could reach as high as $1.90 if Cardano rejoins the recent bullish trend. Source: Carl Moon via X

Technical indicators also provide a mixed outlook. The RSI is at 45.76 for ADA, indicating that the bears are in control but that a rebound is near. Additionally, the MACD line, though it previously showed a bearish divergence, is now moving toward a bullish crossover, suggesting that momentum might shift in ADA’s favor anytime soon.

Institutional Interest and Cardano ETF Prospects

The growing interest in Cardano, both from individual investors and institutions, is also fueling optimism. ADA has already made its way into several institutional investment products. Notably, Bitwise offers ADA exposure through its physically backed ETPs listed on the SIX Swiss Exchange, and it also comprises a significant portion of Grayscale’s Smart Contract Platform Ex-Ethereum Fund.

Market experts are optimistic about Cardano ETF approval. Source: Nate Geraci via X

Though no official applications for a spot Cardano ETF are currently pending with the U.S. Securities and Exchange Commission (SEC), the growing institutional interest, along with a shift in regulatory attitudes under the current U.S. administration, has led to speculation that such an approval could be on the horizon. This speculation has added to ADA’s recent bullish momentum.

“Cardano is well-positioned to become a spot ETF in the future,” commented Eddie Mitchell, a crypto market analyst. “Given its strong institutional backing and the fact that it’s already part of several major crypto index funds, ADA’s chances of ETF approval look promising.”

Cardano’s Market Position and Future Outlook

Cardano currently has a market capitalization of $33.56 billion and is positioned as the ninth-largest cryptocurrency by market capitalization. Despite such high price volatility in the last couple of years, ADA’s move back above $0.90 is a good indicator for long-term investors.

Cardano (ADA) was trading at $0.95, up 4.33% in the last 24 hours as of press time. Source:Brave New Coin

While it is difficult to break above the $1 resistance, many have taken a very positive view on Cardano’s prospect. With increased institutional support for the cryptocurrency and the start of general adoption by investors, ADA’s journey toward $1 and beyond remains a focal point in the crypto space.

As the path to $1 is not quite assured for Cardano, the general sentiments of analysts descend to one fact: so long as key support levels hold, there is really no need for investors to panic. With circulating bullish predictions and technical indicators beginning to fall in place, the future indeed looks bright for Cardano.