Cardano (ADA) Price Prediction: Is a Bullish Run Coming?

Cardano (ADA) is getting a lot of attention among crypto investors, amidst the speculations about a possible ETF approval from the SEC.

The Cardano (ADA) Price Prediction indicates that the price charts are showing patterns similar to the ones exhibited before the bullish runs in the past. Holding on to the key support levels and breaking the key resistance at $0.9614 is crucial for Cardano (ADA) to reach around $1 and above.

How is Cardano Faring Now?

As of 25th September, Cardano ( ADA) is currently trading at $ 0.78772. The 24-hour trading volume is nearing $ 72.49 billion, 12.98% up in the last 24 hours, as shown by Cardano’s market cap and ranking data on CoinMarketCap. Cardano (ADA) is trading above its 200-day simple moving average (SMA) of $ 0.750025. The token had 16 green days in the past 30 days. The volatility remains medium with 4.01%. Cardano has outperformed more than 96% of cryptocurrencies and saw a price increase of 106% in the past year. The yearly inflation remains low at 0.45%. Current market sentiment is bearish. Investors are exercising caution, reflected in the Fear & Greed Index value of 44. The RSI stands at 39.90. 

Moreover, the present price is 75% lower than that of the all-time high. Cardano, released back in 2017, hit its all-time high price of $ 3.10 in 2021. Currently, it has a market capitalization nearing $ 28.09 billion and ranks 8th in the Layer 1 sector in terms of market cap. Based on the market capitalization, Cardano has high liquidity. The current bearish sentiment is considered to a larger extent the aftermath of $1.6 billion liquidations witnessed across the crypto market. 

Cardano: Is a Bullish Run on the Horizon?

Crypto analysts note that investors have a positive outlook towards Cardano against the backdrop of a possible ETF. The ETF approval from the US Securities and Exchange Commission (SEC) is expected in October. The ETFs will provide a formal channel for institutional investors. The increased institutional investment would strengthen the fundamentals of Cardano (ADA). 

Besides, Cardano hosts an active developer community and a robust DeFi ecosystem. According to the official website, Cardano is a proof-of-stake blockchain platform. The proof-of-stake concept works based on consensus, and each transaction is validated by staking cryptocurrencies. The developers also claim that the network is environmentally friendly and sustainable. It was founded by Charles Hoskinson, one of the co-founders of the Ethereum network. The platform is also committed to an 8-figure Cardano (ADA) to stablecoin liquidity. The ETF prospects and the strong technological fundamentals suggest a possible increase in prices. The present price charts are forming a pattern similar to those before a bullish trend in the past.

Cardano Price Predictions

According to real-time ADA/USD charts on TradingView, Cardano is expected to pick up bullish momentum and reach around $0.795124 in the upcoming week. Furthermore, the price is forecasted to prolong the trend in October, as the ETF approval is on the horizon. If the upward momentum continues, Cardano may rally around $1. But the coin needs to break the $0.9614 resistance to hit $1. The long-term predictions extend to $2.00-$3.00.

However, the crypto market is highly dynamic, and any unhealthy signal from the economy or delays in ETF approvals could impact the prices. Hence, the investors are recommended to be extra cautious while investing.