Cardano (ADA) is currently trading around $0.84 to $0.90, with a market cap exceeding $30 billion, and has maintained a strong support level at $0.80 despite broader market volatility. Coinbase's ADA reserves surged by 462%, increasing from 1.7 million to 9.56 million ADA, signaling significant institutional accumulation. Technical analysts identify a symmetrical triangle pattern with breakout targets at $1.30 and $1.90, while key resistance levels are at $0.96 and $1.02. Support remains firm near $0.80 and $0.75.
Adding to the bullish sentiment, Google Cloud has partnered with Cardano by running a validator node, enhancing network infrastructure and credibility. Rumors of a top-tier stablecoin integration and potential ETF discussions are circulating, though unconfirmed. On-chain metrics show consistent active addresses and high staking participation, with whales acquiring 70 million ADA in the past week. Analyst Dan Gambardello stated the ADA chart "never looked this good", citing these catalysts.
Long-term Elliott Wave analysis projects a potential target of $3.37, and technical indicators like the Relative Strength Index and moving averages have turned positive. The accumulation phase appears to be transitioning to expansion, with a break above $0.90 potentially unlocking movement toward $1 and beyond.
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