Will ADA Cross $1 in May?

The Cardano price is once again on traders’ radar despite its current downward trend. Though ADA trades below $0.7 at present, market participants remain bullish about its performance in May. As analysts look for signs of a major breakout, a question remains: Will ADA’s price blast off above $1 in May?

Notably, technical patterns and other major industry developments signal Cardano’s potential bull run. Let’s unveil the altcoin’s key price targets and its capability to surge past the crucial level this month.

ADA Price to Hit $1 in May; Here’s Why

Currently, Cardano (ADA) is trading in a negative zone despite its attempt to recover from the recent downturn. At press time, Cardano is valued at $0.6978, down 0.65%. Over the past week, the altcoin experienced a dip of 4.1% despite a surge of 7.8% in a month.

However, technical indicators suggest that ADA is on the cusp of a major breakout. In the daily chart, Cardano is shown breaking out of a falling wedge after forming an inverse head and shoulders pattern, a bullish reversal signal. After a successful retest of the wedge’s upper trendline, ADA’s upward momentum may push it towards key resistance levels at $0.81, $1.17, and $1.30.

In addition, upcoming developments like the ADA ETF approval have further bolstered the positive sentiment surrounding Cardano.

Is Cardano ETF Launch Imminent?

As investment giant Grayscale has filed for a Cardano ETF with the NYSE, all eyes are watching for its potential launch. According to Bloomberg analysts Eric Balchunas and James Seyffart, the Cardano ETF has a 75% chance of approval. This increasing excitement over the development has further fueled bullish sentiment and investor interest in ADA.

Cardano Price: Is a Bullish Breakout Imminent?

Driven by the current positive sentiment and bullish developments, analysts and traders closely watch the Cardano price movements. According to analyst Ali Martinez, ADA is nearing a crucial test at $0.74, and a break above this level could clear the path to $0.88.

Meanwhile, market expert STEPH IS CRYPTO provides a more bullish prediction for the Cardano price. As per his projection, ADA is poised to hit $5 in the near term.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.