- ADA forms a bullish wedge pattern with strong support and rising volume.
- ETF classification as a commodity boosts Cardano’s approval prospects.
Cardano (ADA) is gaining renewed attention as traders eye a potential breakout. Following recent regulatory developments, Bloomberg Intelligence has raised the odds of Cardano’s (ADA) spot ETF approval to 75%.
Analyst Eric Balchunas shared the update on X (formerly Twitter), pointing to Grayscale’s February 10, 2025, filing with the SEC. The agency officially acknowledged the application, setting a final review deadline for October 23, 2025.
Analysts believe the SEC may view Cardano as a commodity, aligning with Commodity Futures Trading Commission (CFTC) guidelines and improving the asset’s chances of approval.
Cardano is part of a growing list of altcoins being considered for spot ETF approval. These include Solana, Litecoin, and XRP, which currently have an 85% approval probability.
From a technical standpoint, Cardano is showing strong technical signals of an incoming price breakout. A chart posted by Pinnacle_Charts highlights a descending wedge pattern forming on the ADA/USDT pair.
ADA is trading near $0.78, after breaking above the 20-day Exponential Moving Average (EMA), which now acts as dynamic support at approximately $0.69.Analysts have marked a bullish target of $1.02, suggesting a possible 60.77% increase from the current price.
The Relative Strength Index (RSI) stands at 57.63, indicating increasing bullish sentiment without crossing into overbought conditions. Rising volume also supports the bullish breakout structure. If momentum holds, the $1 level could be tested in the short term.
Cardano Ecosystem Growth Gains Traction
Founder Charles Hoskinson has described the Leios project as the most advanced work Cardano’s research team has produced. He stated that while over 240 academic papers have been published, Leios represents a concentrated blockchain research and development breakthrough.
According to Hoskinson, the project results from years of innovation and is a milestone in Cardano’s roadmap. This internal progress complements growing external interest, driven by market activity and regulatory optimism.
However, Cardano’s 24-hour trading volume surged by 57.77%, reaching $912.53 million. At press time, ADA’s current price is $0.7015, reflecting a 0.71% increase in the last 24 hours.
With ETF approval odds rising, bullish price setups forming, and ecosystem advancements unfolding, Cardano appears to be gaining momentum toward the $1 mark.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
