Cardano (ADA) has registered an impressive 21% surge in the last seven days, as it follows historical trends where it always tracks Bitcoin price movements. At press time, Cardano price stood at $0.695 while its daily trading volumes came in at $1.24 billion. A bullish pattern that has now matured and soaring odds of an ADA ETF approval indicate that the price might be headed to $1 in the near term.
Cardano Price Targets $1 as Rounding Bottom Matures
Cardano bulls that have been pushing the price up in the last seven days are targeting a breakout rally to $1, and this might happen if buy-side volumes remain strong. The appearance of a rounding bottom pattern shows that the recovery from the low of $0.54 has been healthy, and the uptrend could be sustainable.
The 21% rally recorded by ADA price in the last seven days led to a breakout above the resistance level of $0.74, and this level might soon turn into support if buying pressure remains high.
The depth of this pattern indicates that ADA surged by 40% from the local bottom of $0.54 to the recent top at $0.74, and a similar rally might occur from the resistance breakout level to the target price of $1.06.
The long term Cardano price forecast is still intact though this analysis will only play out if ADA can move above the 200-day SMA level of $0.74. Past trends show that whenever ADA broke this SMA backed by strong buying volumes, as was the case in November 2024, the price tends to register a parabolic rally.
ADA/USDT: 1-day Chart (Source: TradingView)
This bullish case will be invalid if the upward trend from the resistance breakout point becomes weak, which can happen considering the RSI that is inching close to overbought levels. However, in past instances, ADA’s RSI moved as high as 89 before a correction happened, suggesting there is still room for gains to happen.
ADA ETF Approval Odds Soar
The odds of a spot Cardano ETF getting approval in the US have risen to 84%, and this might help in supporting an ADA price rally in the near term if more traders are expecting that these products are going to launch. Data from Polymarket indicates that these odds were at 42% in mid-June.
Besides these rising odds, network activity could also be the other catalyst that drives the Cardano price higher. Data from DeFiLlama shows that since late June, the ADA TVL has added more than $100 million to its value, and as this continues, the price might continue tio trend upwards, especially with surging Cardano meme coin activity.
The ETF speculation and rising network activity support the likelihood of the ADA price moving to the highly anticipated value of $1, and if this happens, the altcoin might register similar gains as last year.
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muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
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