Cardano (#ADA ) is currently trading at approximately $0.7559, reflecting a 2.67% decline over the past 24 hours. Despite this recent dip, market analysts are optimistic about ADA's potential for a significant upward movement.

A key factor fueling this optimism is the increased probability of the U.S. Securities and Exchange Commission (SEC) approving a spot Cardano exchange-traded fund (ETF). According to data from Poly marke$t, the odds of such an approval have risen to 63%, up from 56% the previous day. This surge in confidence suggests growing investor interest and anticipation surrounding Cardano's potential integration into mainstream financial markets.

From a technical perspective, #ADA! is testing the resistance at the upper trendline of a descending triangle pattern. If ADA can break through the 50% Fibonacci retracement level at $0.91, it may trigger a 75% rally, targeting a price of $1.32. Such a breakout would also confirm a shift in the long-term trend towards a bullish outlook.

The Directional Movement Index (DMI) indicator supports this potential upward movement. The +DI line is trending upwards while the -DI line is moving downwards, indicating increasing bullish momentum. However#BinancePizza , the Average Directional Index (ADX) line is declining, suggesting that the overall trend strength is weakening, which could pose challenges to sustaining a prolonged rally.

In summary, while #ADA! faces near-term resistance and market volatility, the combination of favorable technical indicators and the rising likelihood of a spot ETF approval presents a compelling case for a potential 75% price increase in the near future.