Cardano Soars as ADA ETF Approval Looms
On September 9, Cardano (ADA) witnessed a meaningful price increase, peaking at its highest levels since August. Signs indicate further growth in teh upcoming weeks as anticipation builds around a potential ADA ETF approval.
ADA surged to $0.90, marking a 13% rise from its lowest point this year. The coin’s market cap now exceeds $31.7 billion, with daily trading volume hitting over $1.7 billion. These figures signal a robust buyer interest.
Technical Analysis Predicts Continued Gains
The eight-hour chart suggests ADA could climb to $1.0640. A falling wedge pattern, were two downward-sloping lines converge, foreshadows upward movement. As these lines near each other, ADA has broken out, hinting at possible further increases.
- Price might soar by 21%, if the pattern holds true.
- A fall below $0.8300 would negate this bullish outlook.
ADA ETF Approval Fuels Optimism
The main impetus behind ADA’s price hike lies in the upcoming ETF approval by the SEC. With a decision due on October 22,market sentiment leans heavily toward approval,bolstered by a Polymarket prediction of 87% odds.
Cardano contends with Ethereum as one of America’s top underpinning coins for decentralized apps. Given its notable liquidity and market size, investors anticipate a pre-ETF approval spike, followed by a post-approval cooldown.
