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CoinGape 2025-02-17 16:10:36

Cardano Price Could Hit $7 Amid Growing Adoption – Analyst

Cardano Price Could Hit $7 Amid Growing Adoption – Analyst

Cardano price has gained by 14% in the last seven days and added $4 billion to its market capitalization. These gains follow bullish news including Grayscale’s filing for a Cardano spot exchange-traded fund (ETF) and a potential alliance with Microsoft. At press time, ADA trades at $0.805 after retreating slightly from a daily high of $0.812. Analysts remain optimistic that it could outperform other altcoins during this cycle and possibly hit record highs. Rising Adoption Could Push Cardano Price to $7 In his Cardano price forecast , analyst Investing Broz opined that ADA could rally to $7 and attain a $250 billion market capitalization. He attributed this rally to the hype around the potential approval of Cardano ETFs and rising institutional adoption. Institutions are making bets on Cardano price after the altcoin saw $1.9M in inflows last week per CoinShares. This was notably higher than Ethereum’s negative flows. Cardano’s inflows during the week came in as the third-highest among altcoins. CoinShares: Crypto Weekly Flows As for the altcoin’s short-term performance, Investing Broz noted that ADA’s value could push toward $2.72 in the coming months after a bull flag appeared on its weekly chart. Another analyst, Dan Gambardello, also added that ADA could outperform the rest of the altcoin market in the current cycle. He stated that it was the “obvious blue chip coin of the cycle” that carried significant “macro value.” As positive sentiment around ADA rises, the altcoin’s daily chart suggests that an uptrend could be underway. RSI Shows Rising Buying Pressure Cardano had bounced from the lower Bollinger band to the middle band on its one-day chart, suggesting a shift in momentum to the upside. At press time, ADA had flipped resistance at the middle band ($0.79), and if it closes above this level, it could signal strong gains. At the same time, the Relative Strength Index (RSI) line has been making higher lows for the past week, indicating that buying pressure is gaining strength. However, the RSI remains below 50, suggesting that bears remain in control. ADA/USDT 1-day chart If the bullish outlook holds, ADA’s next area of resistance lies at the upper band ($0.95). However, traders should watch out for a crossover of the RSI past 50 to confirm a bullish momentum. On the other hand, ADA’s open interest has surged by 27% in seven days per Coinglass data to $763 million. As open interest rises alongside the price, it reinforces the bullish thesis by showing conviction in the current trend. The post Cardano Price Could Hit $7 Amid Growing Adoption – Analyst appeared first on CoinGape .

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