Cardano Price Eyes $1 as ETF Approval Odds Explode: What Traders Need to Know

1d ago•

bullish:

bearish:

According to sources, Market sentiment around Cardano price is heating up as traders wait for the upcoming U.S. Securities and Exchange Commission (SEC) decision on the long-awaited Cardano ETF.

The Crypto community is excited as the approval chances are now up to 71%; there’s speculation that this might finally be the time ADA crosses the $1 mark. But the answer might not be as simple as some investors think.

Cardano ETF Approval Odds Hit New High

Recently, on the prediction platform Polymarket, the chances of an ADA ETF approval rose up to 71%, which is a big jump from the 37% that was seen back in April. Traders and analysts see this as an important shift in market sentiment.

Cardano Price Eyes $1 as ETF Approval Odds Explode: What Traders Need to Know 3

Bloomberg ETF analyst Eric Balchunas even said he believes that there is a 75% chance the Cardano ETF will launch this year, which shows that big investors are becoming more interested in ADA.

This positive outlook comes even though there is the SEC’s history of delaying crypto ETF decisions. For Grayscale’s proposed Cardano ETF, the agency has until October 22 to make a final decision, but the more pressing date is May 29, when they must decide whether to approve, reject, or delay it again.

Cardano Price Holds Steady Amid ETF Hopes

Currently, the Cardano price is trading around $0.7487; it’s holding steady even with recent market ups and downs. This shows steady ADA price performance in comparison to earlier this month, when it dropped to around $0.557

Technically, analysts point out that ADA is still trading above its 100-week moving average, which is an important long-term support level. However, experts warn people not to get too excited in the short term.

Market strategist Lisa Tran said even though the Cardano ETF news has brought some positive feelings, we will see strong resistance around the $0.84 level. Tran explained that it will need more than just good news from regulators for ADA to go over $1; it will also need steady and strong buying support.

Metrics	Value	Sources
Current Price	$0.7487	Coinmarketcap
24 Hour Trading Volume	$694.03M	Coinmarketcap
ETF Approval Odds	71%	Polymarket
Resistance level	$0.78–$0.83	CoinDCX
Support Level	$0.74–$0.78	CoinGecko
ADA All-Time-High	$3.10 (Sep 2021)	Coinmarketcap

Ecosystem Lag Weighs on Sentiment

Though there is excitement around the Cardano ETF, the project still faces some challenges within its own network. Compared to newer chains like Unichain and Sonic, Cardano’s decentralised finance (DeFi) space looks less developed.

It has only 48 DeFi apps, $443 million in total value locked, and $31 million in stablecoin; this puts Cardano behind the competitors that handle billions in decentralized exchange transactions.

Industry observers, including analyst Robert Klein, have pointed out that the network must fix the gaps in its ecosystem so that Cardano’s price can keep on rising in the long run. Without real improvement, ADA could still fall behind its competitors, even if the Cardano ETF gets regulatory approval.

Technical Signals Suggest Bullish Potential

Even with mixed fundamentals, ADA’s technical setup still looks good. The weekly chart shows a widening megaphone pattern, which means that there is the possibility of a bullish breakout soon.

The Cardano price is also supported by a long-term Exponential Moving Average, which adds more strength to the positive outlook. However, indicators like the Relative Strength Index (RSI) and MACD show that traders must remain careful in the short term.

The momentum has weakened slightly. Still, traders are closely watching the key resistance level at $0.82–$0.84. If the Cardano ETF gets approved, a surge past these levels could pave the way for a run toward the important $1 mark.

Conclusion

The Cardano price is holding steady, and there are high hopes for the upcoming SEC decision for the Cardano ETF; experts suggest investors remain careful. There might be the possibility of a price surge if it gets approval, but the lasting growth will depend on strong buying support and improvement within Cardano’s own ecosystem.