Cardano (ADA) Technical Outlook Shows Potential Move Up to $0.53584

Cardano (ADA) showing some positive price trajectory, posting a 1.4% gain over the past 24 hours. According to the CoinMarketCap data, the token is trading at $0.2958 with a 24-hour volume of $621.65 million, down 37.74% from yesterday. Market capitalization stands at $10.66 billion, reflecting a 1.44% increase as trading momentum strengthens.

The weekly performance remains notably weak, with the token losing 15.26%. The decline reflects sustained selling pressure and cautious trader participation, underscoring Cardano’s vulnerability amid broader weakness in the crypto market.

Also Read: Cardano (ADA) Exposes Ethereum’s $4.13M Security Flaw

Key Support and Resistance Levels

Technical indicators suggest ADA faces resistance near $0.320 and $0.340, while support levels remain at $0.282 and $0.260. The daily chart shows EMA alignment remains bearish in the short term: 20 EMA at $0.339, 50 EMA at $0.374, 100 EMA at $0.441, and 200 EMA at $0.536, capping rallies below $0.410 and $0.450.

Bollinger Bands indicate an increase in volatility, with the upper band trading at $0.414. This could be an indication of medium-term targets for the token to rebound to $0.348-$0.374.

However, if these resistance levels are not met, the token could trade at $0.260. The TradingView chart indicates that despite strong accumulation levels, ADA may target higher levels beyond $0.536.

Institutional Interest Grows With Cardano ETFs

Volatility Shares Trust has filed revised documents for Cardano Spot ETFs, as well as leveraged options, such as 2x and 3x. These filings will provide investors with a way to directly invest in ADA, as well as traders who want to take greater risks in pursuit of greater rewards.

The filings indicate an increasing institutional demand for investment vehicles backed by the Cardano ecosystem. This is a factor that could significantly impact the market mood in the near future. However, the role of the SEC in approving the ETFs still remains a critical factor.

Why This Matters

An increase in ETF filings could attract new institutional and retail investment, driving ADA towards its price targets of $0.348 to $0.374 in the near future.

The resistance and support points shown in the chart represent important levels for ADA, including $0.282, which is the support level, and $0.320 to $0.340, which are the resistance levels.

Also Read: Cardano Price Slides as ADA Faces Key Resistance Near $0.40