Cardano (ADA) is making headlines: whale accumulation, ETF in the works, and booming staking. All signs point to a surge towards $2. Is this rally truly on the horizon? Analysis of market trends and forecasts.
The price of Cardano (ADA) has been trading in a narrow range in recent weeks as market participants await the next major catalyst. While it has underperformed other popular cryptos like Mantra (OM) and Cronos (CRO) this month, Cardano could see a strong surge in the months ahead, according to expert Ali Charts on X.
Indeed, there are several encouraging signs for Ethereum 2.0. First, data shows that whales, these high-net-worth investors, are massively accumulating Cardano. Over the past week, they have acquired over 240 million ADA coins, worth more than $182 million. This buying trend seems to be gaining momentum.
Secondly, Cardano could benefit from the likely approval of an Exchange-Traded Fund (ETF) on ADA spot by the U.S. Securities and Exchange Commission (SEC). Grayscale and Tuttle Capital Management have already filed applications in this direction. The establishment of such a fund would be a positive development for the cryptocurrency, as it could attract more institutional investors.
Thirdly, data shows that more investors are staking their Cardano coins, indicating their intention to hold them long-term. The market capitalization of the staking market has surged by 8.1% to reach $16.1 billion, with a yield standing at 2.60%.
From a technical standpoint, Cardano is currently in the second phase of the Elliott Wave model. This phase is characterized by a brief correction, followed by the third bullish wave, typically the longest.
Source: TradingView
Cardano has likely completed this consolidation phase and is poised to enter the third wave, which could propel it to the psychological level of $2. This target represents a 38.2% rebound from the current price, equating to a 160% increase.
Cardano remains above the 50-week exponential moving average and forms a bullish flag pattern. This is a positive continuation signal composed of a sharp vertical line and a flag-shaped consolidation.
If you are considering buying Cardano (ADA), the WEEX platform allows you to do so easily.
Prior to any investment, it is always recommended to thoroughly research the market condition and the risks involved. Above all, never invest more than you can afford to lose.
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