Cardano ETF Hype Heats Up: Could ADA Hit $3.10 Again?

After the success of Bitcoin and Ethereum ETFs, attention is now turning to Cardano (ADA), with rumors about a possible Cardano ETF gaining traction. Recently, Cardano Founder Charles Hoskinson sparked optimism with a tweet suggesting that a Cardano ETF might be on the horizon. 

Could this new development push the Cardano (ADA) price back to its all-time high of $3.10?

Is Cardano ETF On The Line?

The speculation began when Tap Tools, a tracking platform for Cardano-based tokens and NFTs, tweeted about a possible “ADA ETF up next.”

Charles Hoskinson’s playful response to the tweet by a GIF captioned, “Fine, I’ll do it myself” has fueled hopes within the ADA community. While the response was lighthearted, it has been interpreted as a positive sign for the potential launch of a Cardano ETF.

The debut of Ethereum ETFs has made a notable impact on the crypto landscape, providing investors with a favored way to invest in the second-largest cryptocurrency. 

However introducing a Cardano ETF could open up a fresh investment path for ADA, potentially enhancing its visibility and influence in the market.

Cardano ETF Approval Could Hit $3.10

If a Cardano ETF were approved, it could have a major impact on ADA’s price. It might push ADA back towards its previous peak of $3.10, which was last seen during the 2021 bull market.

As of now, ADA is trading around $0.391, reflecting a recent 5.41% drop. Meanwhile, analysts suggest that this dip could present buying opportunities, particularly in the key support zone between $0.385 and $0.379.

Cardano Technical Analysis

Data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP), shows that about 161,130 addresses hold 1.91 billion ADA tokens at an average price of $0.385. This support zone aligns with the price range, between $0.379 and $0.391, a crucial area for potential price reversal.

In a bullish scenario, if ADA prices close above $0.445, they could rally an additional 26%, potentially reaching $0.564, which is the 50% retracement level from recent highs and lows.