Crypto Analyst Sees Cardano Price Surging to $1.20 as ADA ETF Odds Near 90%

Cardano price trades at $0.8180 today, Sep. 2, up by 2.10%. This rebound comes as investors buy the recent dip and the enthusiasm of the upcoming ADA ETF deadline, with one crypto pundit predicting that it could surge to $1.20 in the near term. 

Crypto Analyst Sees Cardano Price Hitting $1.20

Cardano price could end the ongoing bearishness soon, and jump by 47% to $1.2 either this month or in October. In an X post, one popular pundit pointed to an ascending channel on the four-hour chart. It has already retested the lower side, meaning that a rebound is possible. 

More technicals point to an eventual rebound. The daily timeframe shows that ADA price has found substantial support at the 100-day moving average. In most cases, Cardano often rebounds whenever it hits this support. For example, it jumped by 43% when it hit that point in August.

There also signs that the value of ADA has slowly formed an inverse head-and-shoulders pattern. Its head is at $0.50, while its slanted neckline is slightly below the psychological level at $1. 

It is worth noting that this week’s lowest level coincided with the major support and resistance level of the Murrey Math Lines. This is a key level where most reversals normally happen, which partly explains why the price has rebounded recently. 

Therefore, a contrarian case can be made even as Cardano price continues to fall. The initial target level to watch will be the ultimate resistance at $1. A surge above that price will point to more gains towards the analyst’s target at $1.200.

However, the bullish ADA price forecast for September will be cancelled if it slumps below the strong, pivot, reverse level at $0.700.

ADA ETF Approval Odds are Nearing 90%

The main reason why ADA price will rebound is that the SEC has put a deadline for its ETF decision in October. Most analysts believe that it is just a matter of time before the agency approves the ETF, with the probability rising to almost 90%. These odds have been in an upward trajectory since earlier this year.

An ETF approval would be highly bullish for Cardano as it did for Ethereum and Bitcoin. Ethereum ETF inflows have jumped by over $13 billion in the last 12 months, while Bitcoin funds have gained $54 billion. 

These funds would be on top of the other catalysts for Cardano, including its partnership with Chainlink, ongoing NIGHT airdrop, and the upcoming Leios upgrade.