Cardano (ADA) price is currently trading for $0.72, which is a level it has been hovering around for the past few weeks. The altcoin dropped by 4.1% on April 30 but has still not been able to break out of this consolidation phase.
Right now, traders are hopeful that the month of May does things differently. Some believe the month could bring a breakout as the coin approaches an expected $1 target which sits at a key level.
Taking a look at the chart, it looks like ADA price might be preparing for a climb. It recently broke out of a falling wedge in the daily time frame. Also, there is also an inverse head and shoulders pattern that it also broke out of. This is often considered as a bullish sign.
Additionally, crypto analyst Ali Martinez also recently confirmed that ADA is getting close to a key level at $0.74. On the 4-hour time frame, the price is consolidating downwards forming a bullish flag pattern
As of now, the $0.71 level is seen as a resistance level, but if Cardano price keeps up this momentum, it could surge up to test resistance levels at $0.81, $1.17, and $1.30.
One event that can hype up this momentum is the approval of the upcoming Cardano ETF. According to previous reports, Grayscale filed the first-ever Cardano exchange-traded fund with the New York Stock Exchange in February 2025.Â
Recently, Bloomberg analysts Eric Balchunas and James Seyffart said there is a 75% chance the ETF gets approved. If this prediction comes true, it could give ADA the momentum it needs to hit $1 again.Â
Meanwhile, the founder of Cardano, Charles Hoskinson recently shared some details about the new upgrade that is going to be implemented in the network “Ouroboros Leios’. According to Hoskinson, it is built to make the blockchain faster and more efficient, especially for Defi and NFT projects. It’s expected to boost performance without affecting the system’s securityÂ
Also Read: Cardano Whales Buy 420M ADA Even as Price Fails to Break Out
