Cardano (ADA) Price Targets This Level If It Reclaims $0.8

Cardano price has lost nearly 5.5% today, sparking concerns among traders over the coin’s potential next move.

However, the recent decline in ADA could be attributed to the broader crypto market selloff.

It appears that the investors are now taking a pause, while some are adjusting their portfolio ahead of the much-anticipated Fed rate cut decision today.

The US FOMC, scheduled for later today, is expected to announce a 25 bps policy rate cut.

This development could significantly boost the appeal of the digital assets among traders, fueling liquidity expectations in the market.

Besides, the altcoin ETF hope and a potential ADA ETF approval could also help push the crypto’s price higher.

Amid this, a renowned market pundit has shared a bullish analysis for Cardano price. He noted that the top altcoin might be gearing up for a massive move, highlighting a key wall at $0.8.

However, if the wall is broken, he has set an ambitious target for the asset, which has gained notable traction from market participants.

Cardano Price Slips as Crypto Liquidation Hits $500M

Cardano price has recorded a pullback of over 5.5% today and traded at $0.6033, with its trading volume soaring more than 3.3% to $1.3 billion.

Notably, the dip comes amid a broader market selloff, as evidenced by the dip in the global crypto market of 2.3% to $3.8 trillion.

Besides, CoinGlass data shows that the crypto market has faced a liquidation of $470 million, suggesting a cautious stance of traders.

It appears that the investors are now waiting for the US FOMC update before putting their bets into the assets.

However, ADA Futures Open Interest stayed near the flatline, suggesting a muted sentiment in the market.

Besides, many market watchers anticipate a potential recovery in ADA price, amid speculations over a potential Cardano ETF approval.

Notably, the altcoin ETFs have gained notable traction, with a flurry of investment instruments going live.

On the other hand, the leading players like 21Shares have recently filed for a Hyperliquid ETF, which has further bolstered market sentiment.

Analyst Predicts ADA Price Breakout

The Fed rate cut today and a dovish remark from Fed chair Jerome Powell could provide the much-needed boost to the crypto market.

Having said that, it could also help in a strong fund flow into altcoins like Cardano, Solana, XRP, and others.

Meanwhile, despite the recent slump in ADA price, analysts remain optimistic on a potential breakout for the crypto.

For context, in a recent X post, analyst Ali Martinez said that Cardano price could be gearing up for a massive move ahead.

According to Martinez, the current consolidation phase hints at a bullish breakout ahead for ADA. He noted that the crypto is now moving inside a symmetrical triangle and gearing up for a 90% move.

He noted that buying pressure could help the crypto to break through the $0.8 resistance, which in turn could trigger a bullish run for the asset.

As per his analysis, holding the $0.8 resistance could drive the Cardano price to $1.7 in the near future.

However, investors should note that these technical indicators don’t guarantee the performance of the asset.

For context, the fundamental aspects like geopolitical issues, macroeconomic factors, and others influence the broader market sentiment.

Although the current market trends are positive, any other development could trigger selling pressure in the market.

For now, all eyes are on the US FOMC interest rate cut decision and Fed Chair Jerome Powell’s remark on the potential future move of the central bank.