- Cardano price climbs to $0.98 after a 16% daily gain, breaking key resistance and strengthening bullish market sentiment among traders.
- Analysts see potential for a rally toward $1.50, supported by an inverse head-and-shoulders formation and key breakout above the $0.94 neckline.
- ETF speculation rises as Grayscale establishes ADA trust, signaling possible regulatory approval and boosting liquidity prospects for Cardano.
Cardano’s price increased 16% in the past 24 hours, reaching $0.98 on August 14. The surge came as traders responded to bullish technical signals and favorable market developments that could drive the cryptocurrency toward higher levels.
Market analyst Ali has projected Cardano’s price could reach $1.50, citing a breakout pattern visible on recent charts. ADA moved above mid-range resistance at $0.94 within a broad channel, a move often followed by stronger rallies. The upward trendline that began in late July supports this view, with momentum likely building toward $1.20 and potentially $1.50 if key levels hold.
Technical Indicators Reinforce Bullish Outlook
The daily chart for ADA shows an inverse head-and-shoulders pattern, with the neckline at $0.94 marking the breakout level. The Relative Strength Index remains near 65, indicating strong momentum without reaching overbought conditions. If the neckline holds as support, price action could accelerate. However, failure to maintain this level may lead to consolidation between $0.85 and $0.94.
Market sentiment received an additional boost from news that Grayscale has formed Delaware trusts for both Cardano and Hedera. This approach has historically preceded the launch of new investment products and is now fueling speculation about a potential Cardano spot ETF. Such a product could expand the investor base and improve market liquidity.
Performance Ranking Adds to Positive Momentum
Grayscale recently placed Cardano in third position on its “Top 10 Crypto Assets by Weekly Returns” list, reporting a 6.3% gain between July 31 and August 7. This marked a significant improvement from its ninth-place ranking the previous week, further underscoring renewed market interest.
The combination of strong technical setups and ETF speculation has strengthened the outlook for Cardano. If the price holds above the $0.94 breakout point, momentum could carry it toward the next resistance levels in the short term. Traders remain focused on confirmation signals that could validate the breakout and sustain the current rally.
