For those keeping an eye on Cardano (ADA), another price prediction has surfaced, this time pointing to a potential rally back to the $2 mark. The reason? A right-angled descending wedge pattern — an indicator that, if confirmed by a daily close above $1.15, could pave the way for a significant move upward, possibly doubling the current price.
Right now, ADA sitting at $0.7145, quite a distance from the last time it touched $2, which was back in November 2021 — more than three years ago. But this is not just about historical price points or technical patterns; it is also about timing, sentiment and general market conditions.
The dropped cases against Coinbase and Kraken have seemingly removed the weight of an SEC investigation over whether ADA is an unregistered security. That overhang alone had kept some investors cautious. Now, with that pressure easing, ADA is stepping back to attention.
Beyond the regulatory shift, there is something else in motion: talk of an ADA exchange-traded fund (ETF). There is also speculation about Cardano's potential inclusion in a U.S. Digital Asset Stockpile, which adds another layer to the conversation.
The bottom line? Institutional interest, market legitimacy and potential price impact. But let's not jump the gun. A pattern is just a pattern until price action confirms it.
The key number here is $1.15 — if it does not close above that, the breakout scenario is still just hypothetical.
For now, it is just a matter of watching and waiting. Will Cardano push through the resistance and go into higher territory, or will this just be another unfulfilled technical setup? The market will decide soon enough.
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