Cardano Price Prediction: Community Support Second in the World! Grayscale ETF Plan Emerges, ADA Could Rise Over 200% Aiming for $1.9?

According to data from TapTools, Cardano ranks second in global community support, just behind Bitcoin, with 88% of votes indicating a bullish sentiment for ADA. Despite recent market fluctuations, ADA is currently trading around $0.60, having held on to previous lows. Grayscale Investments is preparing to launch an ETF focused on Cardano (rumored code GADA), which is expected to provide a new channel for institutional investors and increase ADA's liquidity. Analysts believe that if ADA can hold the key support at $0.62, the next target could reach $1.90, with a potential rise of over 200%.

Community Confidence and Fundamentals: ADA Community Support is Second Only to Bitcoin

Cardano's strong and bullish community foundation is a key indicator of its long-term value, reflecting investors' solid confidence in the project's vision.

· Global second in community support: TapTools data shows that Cardano ranks second in community support worldwide, only behind Bitcoin. 88% of community votes are bullish on ADA.

· Price Holding and Market Fluctuation: ADA is currently trading at $0.6359, despite a 1.42% drop in the past 24 hours and a weekly decline of 8.2%, it has held its previous low during the 48-hour volatile trading window.

· Increased trading activity: The 24-hour trading volume reached $1.2 billion, an increase of 40.17% compared to the previous day, indicating intensified market activity around the current price level.

· Market Position is Solid: Cardano's market capitalization reaches 22.79 billion USD, making it one of the few non-Bitcoin and non-Ethereum cryptocurrencies that can consistently stay in the top 15 by market cap.

Accelerating Institutionalization Process: Grayscale ETF Plan Brings New Expectations

Grayscale Investments' plan to launch a Cardano-focused ETF is seen as an important milestone for Cardano's institutionalization, which could bring significant institutional demand for ADA.

· Grayscale is preparing GADA ETF: Grayscale Investments is preparing to launch an ETF focused on Cardano (rumored code GADA).

· New channels for institutional access: This development will mark a new way for institutional investors to gain exposure to ADA, as traditional investment channels will be able to configure Cardano blockchain assets.

· Historical patterns and liquidity expectations: Crypto analyst Sssebi emphasizes that historical patterns indicate that ETF announcements typically trigger price rises of the underlying assets, which is expected to bring higher liquidity to ADA.

· Early positioning opportunity: Some investors view this as an opportunity to accumulate ADA before the official announcement, and this expectation has sparked lively discussions in the cryptocurrency trading community.

Technical Analysis and Target Levels: $0.62 support is key to reaching $1.90

The price trend of ADA is currently at a key support level, and whether it can hold this level will determine its trend direction in the next phase.

· $0.62 Key Support: Analyst Ali pointed out that $0.62 is the key support zone for ADA, and holding this level is crucial for maintaining a bullish structure.

· Upside target $1.90: If buyers can successfully defend $0.62, the price may target $1.90 as a resistance level, which implies a potential gain of over 200% from current levels.

· Downside risk $0.50: If support is not held, ADA may drop back to 0.50 dollars, extending the current correction phase.

· Indicators show weakness: The RSI is around 43, indicating weak momentum. The MACD has turned negative, and the signal line has crossed downward, reinforcing the judgment that it may continue to weaken in the near future.

· Moving Average Resistance: Cardano is trading below the 20-week simple moving average of $0.76, moving towards the lower band of the Bollinger Bands at $0.52.

· Signs of buy support: Recent candlesticks show long lower shadows, indicating that although sellers have pushed the price down, buyers have intervened at lower levels to provide support.

Conclusion

Cardano, with the second-largest community support globally and the upcoming Grayscale ETF plan, shows strong potential in its fundamentals. The opening of institutional channels is expected to bring significant funds to ADA, supporting its advance towards the $1.90 target predicted by analysts. However, in the short term, the weakness in technical indicators and the uncertainty of the macro environment require investors to closely monitor the key support at $0.62. Maintaining this defense line is essential for ADA to convert the confidence of the community and institutions into actual price breakthroughs.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is subject to significant fluctuations, and investors should make decisions carefully.