Cardano price has broken out of a months-long bullish pattern, and with Grayscale ETF hype gaining steam, one analyst is forecasting a rally to $1.50.
Summary
- Cardano price targets $1.21 if $0.86 holds as support.
- Crypto analyst Ali Martinez sees potential for an even larger rally to $1.50, citing the 12-hour perps chart.
- Rally fueled by Grayscale’s Cardano Trust filing alongside one for Hedera.
Cardano (ADA) price has just staged a powerful breakout from a months-long double bottom formation with equal lows near the $0.51 level and a neckline at $0.86. A first breakout attempt in late July pushed Cardano price to $0.94 but quickly failed, with price dipping to $0.68 — a move that now appears to have been a fakeout rather than a full pattern invalidation.
The current breakout above $0.86 is far more convincing, backed by a large daily candle and the strongest volume in weeks. Cardano price price is now holding above both the 20-day EMA and 50-day SMA , with the short-term EMA trending above the longer-term SMA, reinforcing bullish momentum.
Cardano price prediction
If buyers can sustain this move and turn the $0.86 level into support, the double bottom pattern projects a measured target around $1.21, representing a potential gain of roughly 22% from the current price of $0.99. Clearing the $1.00 psychological barrier on a daily close would further strengthen the bullish outlook. A drop back below $0.86 would be the first sign that the breakout’s momentum is faltering.
Crypto analyst Ali Martinez has set an even higher target of $1.50 for ADA, based on the 12-hour perpetual contract Cardano price chart.
Why is Cardano price surging?
Apart from the technical breakout, Cardano price’s bullish momentum is being reinforced by a major fundamental catalyst. On August 12, Grayscale registered the Grayscale Cardano Trust ETF in Delaware alongside the Grayscale Hedera Trust ETF, signaling potential future ETF exposure for both ADA and HBAR. These filings often precede official SEC S-1 applications, suggesting that regulated investment vehicles for these assets could be launched in the near term.
Buoyed by the filing, HBAR is also showing strong bullish momentum and is on the verge of breaking out from its own bullish pattern, as detailed here.
