Cardano's price rose 21% in one week, supported by strong trading volume and a breakout past the $0.74 resistance level.
ADA formed a rounding bottom pattern, suggesting sustained upward momentum with a potential price rally toward $1.06.
Odds of a spot Cardano ETF approval increased to 84%, fueling investor interest alongside rising DeFi and meme coin activity.
Cardano (ADA) recorded a 21% gain over the past seven days, with the token trading at $0.695 at the time of writing. Daily trading volumes stood at $1.24 billion. The rise comes amid a broader recovery in the crypto market and follows historical behavior of ADA tracking Bitcoin movements.
The ADA chart has a rounding bottom formation, which shows that the recovery at the recent low of $0.54 is a stable one. This technical structure can be regarded as a sign of longer-term decline reversal, and it is a hint that the rally could be extended. Cardano has recently broken the resistance point of $0.74. Should purchasing volume continue, this area could soon turn out to be a new support.
Price Forecast Points to $1 Breakout Potential
The depth of the rounding bottom shows a 40% gain from $0.54 to $0.74. Based on this pattern, the next projected move could lift ADA to around $1.06. Market analysts note that the 200-day simple moving average (SMA) at $0.74 is a key threshold. A decisive move above it, backed by volume, often leads to a stronger breakout, as observed in November 2024.,
While the relative strength index (RSI) is nearing overbought levels, it has historically moved higher before any correction. In prior cases, the RSI peaked near 89 before retracements occurred. This indicates that ADA may still have room for short-term gains if bullish sentiment continues.
ETF Approval Odds Add to Bullish Narrative
Investor sentiment has also been buoyed by a sharp rise in ADA ETF approval odds. According to Polymarket data, approval chances have increased from 42% in mid-June to 84% currently. The potential for a US-based spot ETF has driven speculation, contributing to renewed interest in the token.
Cardano's Total Value Locked (TVL) has grown by more than $100 million since late June. This increase reflects rising activity across the network, including growing demand for ADA-based DeFi platforms and meme coins. The combination of strong technical patterns, rising ETF odds, and network expansion points to continued upward price movement.
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