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Can Cardano Break the Internet? ADA Clings to $0.90 Support as Hoskinson Predicts Revolution
In the latest ada news, Charles Hoskinson has confidently stated that Cardano (ADA) is primed to take center stage in the cryptocurrency market. This comes as the altcoin strives to maintain a critical support level, with some analysts suggesting that ADA may be gearing up for a substantial rally in the months ahead.
After Thursday’s market surge, Cardano experienced a 4% price retracement over the last day, failing to reclaim its recent range high for the second time this week. Since July, the altcoin has been fluctuating between $0.72 and $0.96, peaking at $1.01 last month. Despite this recent dip, ADA has maintained its position within the $0.85 to $0.90 support zone, attempting to stabilize around this critical area.
Analyst Sebastian has pointed out that Cardano must generate a new higher high to avoid entering a potential head-and-shoulders pattern, which could lead to a more significant retracement. Since early August, Cardano has been trading above an ascending support trendline, having bounced off this crucial level twice this month. According to Sebastian, ADA’s bullish trend remains intact as long as it holds above the trendline. Conversely, if the price breaks below this level, it could see a retracement towards the macro support zone of $0.50 to $0.60.
Market watcher Altcoin Gordon highlighted that ADA recently broke through its multi-month descending resistance after reclaiming the $0.85 level last week. Following this breakout, Cardano successfully retested the trendline area as support, reinforcing the bullish sentiment. Gordon believes that if ADA continues to stay above this level, it could experience “a HUGE move to the upside.”
In addition, analyst Crypto Kid has noted that Q4 seasonality could lead Cardano to replicate its strong performance from the end of 2024. During that period, ADA broke out of a nine-month downtrend, surging 270% to reach a three-year high of $1.32. Currently, the cryptocurrency is displaying similar price action, having retested this critical level multiple times over the last two months. “I’m betting on ADA repeating its history by breaking out in October or November this year,” the analyst stated.
Will Cardano ETFs Ignite a Q4 Rally?
In a recent post, Charles Hoskinson expressed an ambitious vision for Cardano, claiming it is “going to break the internet.” While he did not elaborate further, the community is buzzing about the growing momentum of crypto-based Exchange-Traded Funds (ETFs) that could drive ADA’s rally.
On Friday, Grayscale Investments launched its Grayscale CoinDesk Crypto 5 ETF (GDLC), marking the introduction of the first multi-asset crypto ETF in the United States. This investment product holds the five largest cryptocurrencies by market capitalization, including Bitcoin, Ether, XRP, Solana, and Cardano. Notably, the Securities and Exchange Commission (SEC) has recently approved Grayscale’s request to convert its Grayscale Digital Large Cap (GDLC) Fund into an ETF.
Since the announcement, investor sentiment regarding the potential approval of a spot ADA ETF has strengthened. Data from prediction platform Polymarket indicates that the likelihood of the SEC approving such an investment product in 2025 has surged from 79% to 91% in just two days. It’s important to note that the SEC previously delayed the deadline for Grayscale’s spot Cardano ETF until October 26, 2025. Many market participants anticipate that most spot crypto-based ETFs will gain approval at the beginning of Q4, potentially igniting a “spicy end-of-year” for various altcoins, including ADA.
Currently, Cardano is trading at $0.89, reflecting a 1% decline over the weekly timeframe. As the cryptocurrency landscape continues to evolve, ADA’s performance in the coming months will be crucial to watch. For more insights on the crypto market, click here. Additionally, for those interested in trading, check out this link for more information on crypto exchanges.
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