Cardano (ADA) has broken below key long-term support, weakening its short-term structure but still holding a possible recovery outlook for the Cardano price. Analysts remain cautiously bullish over the longer term, while regulatory progress toward futures requirements is improving its chances of future ETF consideration and greater institutional participation.
At the time of writing, ADA is trading at $0.1659 with a 24-hour trading volume of $463.77 million and a market capitalization of $6.01 billion. Following the 1.65% gain over the last 24 hours, the ADA price structure and regulatory milestone point to a bullish reversal ahead.
Source: CoinMarketCap
Cardano Price Structure Points to a Rally to $13
According to the crypto analyst Vuori Trading, the Cardano price is trading below the important support level on the multiyear time frame.
Currently, the bears have managed to push the Cardano price action below the lower trend line of the ascending fork channel formed earlier last year. This area can become a target for some reaction from buyers to stop the current downtrend.
Source: Vouri Trading’s X Post
The failure does not change the fundamental picture, as the analysts continue to view the lower trendline as the area of possible rebound for the Cardano price.
For long-term targets, the Cardano price could reach the range of $6-$13, though it depends on general market conditions. However, the whole cycle is expected to be drawn out compared to 2018.
Cardano Moves Closer to Potential Spot ETF Eligibility
The data from Mintern further highlighted that Cardano (ADA) is at the cusp of an important regulatory threshold that is only a month away from the six-month mark on the CME futures trading period needed to become eligible for an SEC-approved spot ETF according to the new guidelines of the Securities and Exchange Commission.
Source: Mintern’s X Post
At the same time, the Cardano ETF by Grayscale is under consideration at the SEC, and there are expectations of an announcement by the end of October.
Approval is not certain, but, thanks to the development of the futures market, it can be speculated that ADA will be among the next batch of coins eligible for a spot ETF.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Cardano Foundation Response to 1.5 Billion ADA Allegations and On-Chain Claims
