Why Cardano Could Hit $2 This Quarter

• ADA trades near $0.88, up 5%, with market cap surpassing $30 billion and volume rising 95%.
• Upcoming catalysts include a potential Cardano ETF, the U.S. Clarity Act, and privacy project “Midnight” developments.
• Support lies between $0.58–$0.69, resistance at $0.88–$0.99, with potential upside to $1.47–$2.47.

The cryptocurrency market showed signs of recovery today, with top tokens flashing green and overall capitalization climbing back to $3.9 trillion. Bitcoin traded above $112,000, Ethereum held steady at $4,340, and XRP advanced past $2.90. But the focus has shifted to Cardano, which has broken out of a recent downtrend.

Related: Key Crypto Events to Watch This Week, from Airdrops to Upgrades

Reasons why focus has shifted to Cardano (ADA)

ADA, is trading near $0.88, up nearly 5% in the last 24 hours. The move pushed its market capitalization back above $30 billion, while trading volume surged 95% to surpass $1 billion. ADA is retesting support levels and could be preparing to push toward the $1 mark, a level not seen in months.

What Are Analysts Saying About Cardano?

Top analysts say that ADA’s performance in the coming quarter could mirror past cycles when the token consolidated above key moving averages before entering parabolic phases. On the weekly chart, ADA is holding above its 20- and 50-week moving averages, a setup many see as a bullish precursor.

Several upcoming events could serve as catalysts. These include speculation about a possible Cardano ETF decision in late October, progress on the U.S. “Clarity Act,” and broader macro factors such as rate cuts and the end of quantitative tightening. Within the ecosystem, launches tied to Cardano’s privacy-focused “Midnight” project and growth in Bitcoin DeFi are also being watched closely.

Could ADA Reach New Highs This Quarter?

One analyst wrote, “The way I see it, if price explodes in Q4 the narratives will be there to lead retail to buy dips and pump this asset to $6-$10+ just like prior altcoin mania phase “seasons.”

What Are ADA’s Technical Levels?

Cardano’s risk score currently sits at 38. Historically, ADA’s price was higher 69% of the time one year after reaching similar levels. Momentum indicators such as RSI and MACD also hint more room for upside without signaling overbought conditions.

Support is strong between $0.58 and $0.69, while resistance levels to watch are $0.88, $0.96, and $0.99. A clear move above these points could push ADA toward $1.47 to $1.79, and in a stronger rally, even up to $2.47. 

Related: ‘Floodgates are opening’: Bloomberg’s Seyffart names the next likely altcoin ETFs

On the downside, the price could fall back to around $0.74 to $0.76 without changing the bigger bullish picture.