Cardano's price surges past $0.70, buoyed by the Golden Cross and ETF optimism.
Cardano's Steady Ascent: ADA Braces for the $1 Mark
The digital coin Cardano (ADA) is on a roll, with its price breaking the significant barrier of $0.70. The continued Cardano price rally has been triggered by the formation of a Golden Cross on the 4-hour chart and a surge in trading volume. As whales accumulate ADA aggressively, investors are looking at a potential breakthrough towards $1 in the near future. However, resistance at $0.74 is posing a challenge; a successful break will determine whether ADA can truly push towards its next target of $0.88.
The Power of Golden Cross and Whale Charts
The appearance of a Golden Cross pattern has given the Cardano price rally a solid technical backing. Bullish sentiment is intensifying as ADA trades above both the 50-period and 200-period simple moving averages. Whales, holding 10 million to 100 million ADA, currently control 35.5% of the total supply, a notable increase from earlier this year. This growing whale possession showcases the whales' faith in the long-term trajectory of the Cardano market. Meanwhile, the odds of an ADA Exchange-Traded Fund (ETF) approval have shot up to 51%, fueling hopes for institutional involvement.
ADA: A Hot Commodity in the Cryptocurrency Market
Trading activity surrounding Cardano has soared. In the last 24 hours, volume rose by over 33% to $817.49 million, while open interest in ADA futures climbed to $796.15 million, reflecting investors' willingness to position themselves for a potential breakout. However, ADA encounters strong resistance between $0.70 and $0.74. If ADA manage to break this barrier, the ADA price rally could extend towards $0.88. A rejection might lead to another test of the ADA price support at $0.68.
Chart 1 - ADA/USD live price, published on TradingView, April 29, 2025.
The Cardano market structure remains positive as ADA continues to build higher highs and higher lows. The Money Flow Index (MFI) currently stands at 55.33, indicating neutral-to-bullish strength. Traders eyed the upper Bollinger Band near $0.78 as a short-term upside trigger. Breaking this level cleanly would reinforce the ongoing Cardano price rally, verifying the Golden Cross signal. Failure to break resistance might, however, expose ADA to a brief cooldown.
ETF Hopes: A Catalyst for the Cardano Surge
One key engine for the Cardano price rally is growing speculation about an ADA ETF. Analysts believe that new SEC leadership may smooth the approval path for crypto-ETFs, boosting overall ADA market sentiment. As per Polymarket, the odds of an ADA ETF approval in 2025 now stand at 51%. This ETF chatter adds fundamental strength to an already bullish technical setup, raising questions about whether the Cardano rally will continue. If the ETF hype subsides or market sentiment weakens, ADA could revisit the $0.65 - $0.68 support range. But for now, the bulls continue to hold the upper hand.
Cardano's Message to Traders: Buckle Up for More Volatility
Should the bullish momentum hold and the technical conditions remain favorable, the Cardano market might experience its most robust upswing since early 2024. Traders should watch closely for volume and MFI signals in the days ahead.
For the Cardano price rally to sustain its momentum, it must break through the resistance at $0.74. A successful break could trigger a liquidation squeeze, surging the price further, and propel ADA towards $1. However, a pullback is not entirely out of the question after a significant rally. Continuous monitoring of market trends and technological advancements within the Cardano ecosystem is vital to tracking the price's sustainability in the long run.
- The whales' aggressive accumulation of ADA suggests faith in the long-term trajectory of Cardano, as they currently control 35.5% of the total supply.
- Recently, the odds of an ADA Exchange-Traded Fund (ETF) approval have increased to 51%, adding fundamental strength to the already bullish technical setup.
- If the ADA price can break the resistance at $0.74, it could extend the rally towards $0.88, potentially triggering a liquidation squeeze and pushing ADA closer to $1.
- Traders must watch for volume and Money Flow Index (MFI) signals in the coming days, as these indicators could reinforce the ongoing Cardano price rally.
- In the long run, continuous monitoring of market trends and technological advancements within the Cardano ecosystem is essential to tracking the sustainability of the price rally, aiming for the $1 target by 2025.
