Cardano Price Rises 16% as Breakout Signals Target Toward $1.50

Cardano’s price climbed 16% to $0.98, breaking key resistance levels and signaling further bullish momentum toward the $1.50 target.

Technical patterns show an inverse head-and-shoulders breakout above $0.94, reinforcing projections of a potential move toward $1.20 and $1.50.

ETF speculation from Grayscale’s strategic moves has boosted market optimism, increasing investor interest and potential liquidity for Cardano.

Cardano rose 16% in the past 24 hours to trade at $0.98 on August 14. The surge pushed the cryptocurrency above important resistance levels, lifting optimism among traders anticipating higher targets.

Market analyst Ali noted an emerging breakout pattern with a target of 1.50. The price has recently been trending up toward mid-range resistance around 0.94 in a very broad trading channel. This momentum, when it gets extended, may be expected to speed up the advances upwards to $1.20 and perhaps even to $1.50.

The daily chart shows the inverted head and shoulders; the neckline is at 0.94, which is the breaking point. The strength relative index is close to 65 with high buying pressure, with no indication of the stock being overbought. Remaining above the $0.94 would continue the positive trend, whereas dropping below would result in a contraction period around the positions of $0.85 and $0.94.

ETF Speculation Fuels Market Sentiment

Speculation over a potential Cardano spot ETF has intensified following Grayscale’s creation of Delaware trusts for ADA and HBAR. This strategy often precedes product launches, suggesting a possible ETF listing. Such a development could attract new investors and improve liquidity in the market.

Cardano recently placed third in Grayscale’s “Top 10 Crypto Assets by Weekly Returns” with a 6.3% gain between July 31 and August 7. This marks a notable improvement from its ninth-place ranking the previous week, indicating a strong performance rebound.

A selling point for Cardano has been positive chart patterns and technical indicators coupled with ETF anticipation. The current action of the price is under observation of traders to finally confirm the breakout, with the targets of upcoming resistances observed.

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