Cardano (ADA) has started 2025 on a strong note. Over the last 24 hours, Cardano price has increased by 1.8% and is up 19% for the year. A surge in average trading volume and increased social media chatter suggest further gains are ahead.
Cardano Price Prediction
ADA’s 1H chart shows a break out above the upper channel of a descending funnel pattern. The RSI of 55 indicates that the crypto is not overbought.
Traders will need to watch for the psychological support level of 1.056 on the 1H TF.
While the short-term prospects look bullish, traders need to be wary long-term.
The daily chart indicates a Head and Shoulders pattern. The resistance level to watch is 1.168 and if bulls fail to surge past, we might see Cardano at the 0.57 support level.
Can Cardano (ADA) Maintain Its Bullish Run to $6?
Following a 2024 X post by popular chartist @ali_chart, can Cardano have the big surge to $6?
Cardano’s technicals suggest a drop below $1 is more likely. However, there are certain things that can fuel a rally to $6.
Rumors through an X post from Taptools show that Cardano might have its own ETF as early as February 2025. If true, this would make it the third cryptocurrency with an ETF, after Bitcoin and Ethereum.
GreyScale also showed a snapshot of their crypto weekly returns for the first week of the year. From the snapshot, Cardano leads returns with a 12% return for the investment company.
Popular chartist @Ali_Chart claimed in an X post that Cardano whales bought over 40 million $ADA in the last 48 hours.
This could further spur speculations that $ADA is in for a price bump.
READ MORE: Ethereum Price Prediction: How Likely Is a $4K Breakout?
