🌎 Cardano Price Eyes 50% Growth Amid Crypto Market Comeback

Cardano Price Jumps to $1.10, Eyes 50% Growth Amid Ongoing Crypto Market Comeback

The Cardano price has risen for the third consecutive day, reaching its highest level since January 7, as the ongoing crypto market comeback continues to gain momentum. The total market cap of all coins has surged to $3.7 trillion, with Cardano’s market cap currently standing at $35 billion. The cryptocurrency’s price has jumped 43% above its lowest level in December, and experts predict a potential 50% growth in the near future.

Reasons Behind Cardano’s Potential Price Growth

There are three main reasons why Cardano’s price may jump by 50% soon. Firstly, Cardano’s ecosystem is expected to see substantial growth this year, driven by the upcoming BitcoinOS integration and Midnight ZK launch. These integrations could unlock over $1 trillion in assets for Cardano and attract more developers to the ecosystem.

Secondly, the approval of exchange-traded funds (ETFs) by the Securities and Exchange Commission could be a potential catalyst for Cardano’s price growth. Polymarket traders anticipate that the SEC will approve several ETFs, including those for Ripple and Solana, which could lead to billions of dollars in inflows. If an ADA ETF is also approved, it could attract more institutional capital and drive the price higher.

Lastly, Cardano’s technical indicators suggest that its price could rise significantly during the ongoing crypto bull run. The daily chart reveals a bullish flag chart pattern, an inverse head and shoulders pattern, and a break-and-retest pattern, all of which indicate a strong potential for a bullish breakout.

Key Takeaways

Here are some key points to consider:

Cardano’s ecosystem is expected to see substantial growth this year, driven by the upcoming BitcoinOS integration and Midnight ZK launch.
The approval of ETFs by the SEC could be a potential catalyst for Cardano’s price growth.
Cardano’s technical indicators suggest a strong potential for a bullish breakout.

Technical Analysis

Cardano’s price is currently supported by the 50-day and 100-day moving averages, while the MVRV remains at 2.5, indicating that the asset is still undervalued. As a result, ADA’s price could jump 50% from its current level to reach $1.60, aligning with the 50% retracement level on the weekly chart.