A crypto analyst forecasts that Cardano (ADA) is on the verge of making new highs if it bounces from a golden Fibonacci zone. His bullish Cardano price forecast follows a surge in institutional interest towards ADA, with $71 million year-to-date inflows as the SEC gives regulatory clarity towards staking.
ADA price trades at $0.79 with a 4% gain as of writing. The gains follow a surge in Cardano meme coin activity and a recovery across the broader crypto market.
According to market analyst Coinvo, Cardano price is trading within a golden Fibonacci zone between the 50% and 61.8% Fib levels. This zone is also known as the “golden pocket,” wherein the price tends to retrace due to high buy-side volumes.
Cardano has been resting in this zone for nearly three days per Coinvo’s chart, and if it breaks out of the zone, the analyst observes that the price could undergo a bullish reversal.
Coinvo’s analysis further opines that bouncing from this zone will push ADA price to $0.80, but did not mention when the altcoin will hit this target. Hitting this level will comprise a 106% rally from the current Cardano value of $0.69.
This bullish forecast aligns with that of trader ETF, who also notes that Cardano is forming a bullish reversal pattern. This analysis noted that Cardano is defending crucial support at a downward trendline, a level that previously served as resistance.
If Cardano price also bounces from this level, the analyst foresees a bull run to the first hurdle at $0.85, and if ADA can overcome this resistance, bulls could push the price to between $1.25 and $1.35.
However, a recent CoinGape analysis noted that Cardano price should defend $0.65 support for it to make a bullish leg to the upside. Failure to defend this support could trigger a crash to $0.39.
Cardano is recording a notable surge in institutional inflows. In its recent report, CoinShares revealed that Cardano products have amassed $73 million in inflows year-to-date. These inflows were the fifth highest after Bitcoin, Ethereum, XRP, SUI, and Solana.
This institutional interest in Cardano may continue after the SEC published new staking guidelines stating that crypto staking activities are not subject to securities laws. The Cardano community now believes that the recent regulatory update is enough for Coinbase to remove its warning tag on ADA being an “alleged security.”
Analysts are bullish towards Cardano price, with two separate predictions suggesting that ADA may soon surge past $1. After the price entered a golden Fibonacci zone, Cardano bulls could have room for growth. Meanwhile, institutional interest in Cardano may continue surging after the SEC updated its guidelines on crypto staking activities.
For a more detailed Cardano forecast on how the price will perform between 2025 and 2050 – Read This
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