Cardano's price has dropped by 2.35% to $0.72 today, as the cryptocurrency market struggles. However, some analysts remain optimistic about its future.
Analysts expect Cardano's price to reach $1.35 soon, and even $5 in a strong bull market. Despite this decline, they see a bullish pattern forming, indicating a strong comeback.
The technical pattern indicates growth.
It appears that there is a descending wedge pattern on the Cardano price chart, as the price broke through the resistance line and is now retesting it as support.
This is a strong signal for buyers, showing that they are gaining momentum. If the market trends upward, Cardano's price could rise by 101% to reach $1.35, targeting $5 as a long-term goal.
However, the chances of the U.S. Securities and Exchange Commission approving the Cardano ETF have decreased from 89% to 80%, raising some doubts. Nevertheless, the growing presence of ADA in the decentralized finance (DeFi) sector, with total value locked exceeding $325 million, and the increase in the number of Midnight Airdrop shareholders to 3.1 million, keeps investors optimistic.
If the cryptocurrency market rises overall, Cardano's price may increase, validating the positive expectations despite the decline seen today.
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