Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears

Cardano price could go parabolic in the coming weeks as the odds that the Securities and Exchange Commission will approve the Grayscale ADA Fund in October rise. Its technicals, including the Ichimoku cloud and the Murrey Math Lines are also highly bullish on the ADA price.

Cardano Price to Benefit from the Upcoming ADA ETF

One of the most significant catalysts for the Cardano price is the indication that the Securities and Exchange Commission (SEC) is poised to approve several crypto ETFs.

One of signs for this happened on Wednesday when the agency approved the generic standards for altcoin listing that will enable faster launching of crypto funds. The main criteria is that the funds will need to have a Coinbase futures product, and Cardano is part of this list.

The SEC has set aside October 22 as the final deadline for the approval of the Grayscale ADA ETF. According to Polymarket, the odds that the agency will approve this ETF on or before that day have jumped to 87%.

A Cardano ETF approval is likely because the agency has already approved multiple spot Ethereum ETFs, including by companies like Franklin Templeton and BlackRock. It is also a popular Made in America coin.

The approval will be a positive thing for Cardano, a blockchain network that has gone through a tough period in the past few years. 

Unlike other networks like Solana, Sui, and Sei, Cardano is largely a ghost chain with no major applications in the ecosystem. It also does not a major market share in the stablecoin industry.

ADA Technical Analysis: Ichimoku Points to More Upside 

Technical analysis on the daily timeframe provides a bullish ADA price forecast for 2025. 

The chart shows that the coin has formed a giant double-bottom pattern at $0.5025, its lowest levels in April and June this year. This pattern normally leads to a bullish reversal, which explains why it has rebounded in the past few weeks.

The coin remains above the double-bottom’s neckline at $0.8650, its highest level in May this year. Additionally, the coin has moved above the closely-watched Ichimoku cloud indicator, a sign that bulls have prevailed.

ADA price formed a golden cross pattern on July 22nd, and has remained above the two moving averages. It also remains above the strong pivot reverse of the Murrey Math Lines tool.

Therefore, the coin will likely continue rising as bulls target the important resistance level at $1.3272, the highest point in December last year, which is about 45% above the current level. A drop below the support at $0.8300 will invalidate the bullish outlook.