Cardano’s price point might be priming for a strong rally towards $1.7, as recent indicators hint at a promising revival. A prominent crypto analyst has pinpointed several bullish catalysts that might boost ADA’s momentum, potentially leading the cryptocurrency to this optimistic target.
The recovery of Cardano’s price seems to be fuelled by institutional interest, as per a recent technical analysis by a pseudonymous TradingView analyst, ‘Risk_Adj_Return.’ Despite ADA’s previous performance slump, signs of recovery are now visible. This unexpected bullish shift has led to speculation about a potential surge to $1.7.
The analyst’s report suggests that several elements are driving ADA’s recovery. Notwithstanding its downtrend, substantial spot purchases hint at increasing interest from institutional investors. The analyst also pointed out that political happenings involving key figures like former US President Donald Trump might kindle further bullish sentiment for Cardano.
Even though many institutional buy-ins for Cardano have been succeeded by sell-offs, possibly from short-term traders, the sheer volume indicates that major players are keeping a close eye on the market. This renewed institutional interest is partly credited to the actions of the US Federal Reserve (FED) and broader macroeconomic signals.
Investors might be anticipating a change in monetary policy or clear signs of decreasing inflation in the forthcoming FOMC meeting, as these changes could enhance risk assets like ADA. Any synchronization between Cardano’s price action and the FED’s decision could be a major catalyst for upward momentum.
Despite these promising signs, ADA’s breakout potential is still hampered by macroeconomic uncertainty. The ongoing US-China trade war continues to cause market volatility, posing challenges for a prolonged rally. The current market decline and instability spurred by this trade war have kept many investors on the fence as they wait for stability.
