Following the recent market crash, the crypto industry is showing signs of recovery, with the global market cap reaching $3.2 trillion, marking a 1.21% increase. In line with the overall crypto market, the Cardano price is exhibiting a rebound, signaling a potential rally to a new all-time high.
Driven by speculations of an imminent ADA ETF launch, analysts foresee Cardano’s bullish ascendance. However, with market participants also bracing for possible declines in ADA’s value, they are closely monitoring the token’s price fluctuations.
Cardano Price Eyes $3: A New ATH on the Horizon?
Notably, the Cardano price has been hovering below the $2 level for more than three years. Currently, the altcoin is trading below the significant range of $1. However, analysts remain bullish about ADA’s potential rebound, especially driven by Grayscale’s ADA ETF filing.
Nala, a prominent crypto voice on X, shared an X post today, drawing the community’s attention to the Cardano price’s possible uptrend. According to Nala, Cardano is about to make history. After nearly touching $3 in 2021, the analyst expects Cardano’s ADA to make a comeback to this price point and potentially break through it soon.
Echoing Nala’s view, Max Brown also predicted Cardano’s possible bull run, potentially reaching a new all-time high of around $3.
April Target: Is $1.5 Within Reach?
Significantly, the recent recovery and potential rally in Cardano’s price are triggered by Grayscale’s ADA ETF initiative. In a recent development, Grayscale Investments filed a registration statement with the NYSE to launch its Cardano ETF.
Reflecting on Cardano’s recent trends, trader Niels posited that the Cardano price has already experienced a notable dip, marking a bottom. While ADA’s capitulation candle has already occurred, similar to 90% of other utility altcoins, the worst might be over for Cardano. Reiterating the bullish outlook, the trader suggested that ADA will reach $1.5 by April 2025.
Cardano’s Potential Bull Run: Key Levels to Watch
Interestingly, Cardano’s ADA price is driven in part by founder Charles Hoskinson’s hint at a potential partnership with Microsoft. Triggered by Hoskinson’s announcement and Grayscale’s ETF filing, ADA is set for an upward momentum.
As highlighted by analyst Trader Courage, Cardano has surged past a significant resistance zone of $0.7012. ADA has further pierced the critical level of $0.7577, continuing its upward trajectory. The next target for the token is $0.8082, which will push the Cardano price to $0.8715 and higher.
Cardano Price Gains 7.5%: What To Expect?
As of press time, the Cardano price is at $0.7845, with a daily gain of 3.5%. Despite a monthly dip of 13%, the altcoin has marked a notable growth of 7.5% over the last seven days.
Boasting a market cap of $27.61 billion, Cardano is ranked 9th on CoinMarketCap. The 24-hour trading volume, marked at $1.3 billion, has declined by 16.8%, showing investors’ changing sentiment.
Analysts’ predictions, coupled with Cardano’s current performance, signal the altcoin’s further growth to new highs. However, as with any cryptocurrency, traders and investors should exercise caution and conduct thorough research before making investment decisions.
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