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How High Can Cardano Price Go Beyond $1? ETF Approval Odds Jump Over 80%

How High Can Cardano Price Go Beyond $1? ETF Approval Odds Jump Over 80%

Key takeaways:

  • ADA price technicals are strengthening, with a rise to $2 possible.

  • ADA futures volume is at a 5-month high of $7 billion, reflecting institutional interest. 

  • Cardano’s total value locked, or TVL, is increasing along with ETF approval odds.

Cardano (ADA) has been up by as much as 37% in August. The price has since retraced, but multiple bullish signals suggest a breakout above $1 is inevitable.

Cardano bull flag pattern targets $1.80

ADA price technicals show a breakout from its prevailing bull flag pattern, according to analyst Clifton Fx

The ADA/USD pair has been consolidating inside a large flag range since December, steadily absorbing selling pressure. This phase often ends with a decisive breakout above the upper boundary of the flag.

Related: Price predictions 8/18: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

That breakout appears to be underway, with ADA facing resistance from $1, a level that has suppressed the price since December 2024.

“Bullish flag upside breakout has been confirmed in the 3-day time frame,” Clifton said in an X post on Thursday, adding:

“Now expecting a massive 100% – 150% bullish rally  in the coming weeks.”

A three-day candlestick close above and a retest of the $1 level (as new support) would confirm the bullish breakout with a technical target of the bull flag at $1.80.

ADA/USD three-day chart. Source: Clifton Fx

A similar pattern was observed in lower time frames with a bull flag on the four-hour chart and a $1.27 ADA price target, as shown in the chart below.

ADA/USD 4-hour chart. Source: Cointelegraph/TradingView 

ADA price symmetrical triangle targets $2

Data from Cointelegraph Markets Pro and TradingView shows ADA trading above a symmetrical triangle in the weekly time frame, as shown in the chart below.

The price must close the weekly candle above the $1 psychological level to continue the upward trajectory, with a target of $2.12. 

Such a move would bring the total gains to 126% from the current level.

ADA/USD weekly chart. Source: Cointelegraph/TradingView

The relative strength index, or RSI, has increased to 59 from 41 in mid-June, suggesting steadily increasing bullish momentum on higher time frames.

Cardano futures volume hits 5-month highs

Positive signals from the futures market further support the bulls’ case. ADA’s futures volume is at a five-month high of $7 billion across all exchanges, per data from Glassnode.

Since early April, ADA futures volume has stayed between $1 billion and…

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