An analyst on X anticipates that Cardano’s price could surge by more than 4,500% if it holds key support levels. The bullish forecast came ahead of the launch of ADA futures products at the CME. The launch…
An analyst on X anticipates that Cardano’s price could surge by more than 4,500% if it holds key support levels. The bullish forecast came ahead of the launch of ADA futures products at the CME. The launch could pave the way for institutions to get exposure to Cardano, driving a notable recovery.
According to analyst Crypto Patel, Cardano could make a strong recovery after the recent drop triggered by broader market weakness. He noted that a bullish pattern has formed on the higher-timeframe chart after the recent 93% correction from macro highs positioned ADA in a critical accumulation zone.
He noted that if this accumulation zone holds and traders start filling their bags here, the first target will be the previous cycle’s record high of $3.10. At this point, ADA will be up by more than 1300% from its current price.
The analyst further noted that the upward trend will be confirmed if ADA climbs to $0.4374. If this happens, it may rally to $10 in the next bull cycle.
“This $0.18-$0.13 Zone May Be The Last Accumulation Opportunity For ADA Bulls Before The Next Parabolic Phase,” the analyst said.
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Patel further added that the only way this bullish thesis will be invalidated is if the price drops below $0.13. At press time, ADA was trading at $0.27, up 6.16% in 24 hours as bearish headwinds continued to weigh on crypto prices.
In mid-January, the CME announced it would expand its crypto derivatives offerings by adding Cardano, Chainlink, and Stellar futures. In a statement, it noted that the products will begin trading on February 9.
Per the CME, “with these new micro- and larger-size Cardano, Chainlink and Stellar futures contracts, market participants will now have greater choice with enhanced flexibility and more capital-efficiencies.”
Following this launch, Cardano will join other leading coins, including Bitcoin, Ethereum, XRP, and Solana, which already have futures contracts trading on the CME.
The launch coincides with the recently amended filing for a spot Cardano ETF. If the product’s launch signals strong institutional interest in Cardano, it may increase the likelihood of an ETF being approved by US securities regulators.
