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Cardano (ADA) price prediction: After a big dump of 7%, testing key support, but does ADA hide a 300% big pump potential? Grayscale ETF becomes the biggest variable.
Under the pressure of Bitcoin falling below $115,000, ADA has dropped 7% in the past 24 hours and is currently testing the key support level of $0.80. This decline comes after ADA has just broken through a bullish "falling wedge" pattern. Despite facing short-term pullbacks and negative rumors regarding founder Charles Hoskinson, ADA has a strong favourable information foundation: Grayscale has included it in its multi-crypto ETF and Digital Large Cap Fund (GDLC), and an independent ADA ETF application decision is forthcoming. These positive developments have sparked interest among retail investors and could lead to a 300% pump for ADA, breaking its historical high.
1. Short-term pullback and key technical test
In the past few weeks, ADA has been in trouble, weighed down by experts' lower price predictions for Cardano and rumors of insider trading related to founder Charles Hoskinson. However, momentum shifted after Grayscale added it to its multi-crypto ETF, which only holds five crypto assets (Bitcoin, Ether, XRP, Solana, and ADA). Additionally, the Grayscale Digital Large Cap Fund (GDLC) has also officially launched, increasing the accessibility of this token in traditional markets.
However, after Bitcoin fell below $115,000 over the weekend and dragged the entire market down, Cardano also did not escape, dropping 7% in the past 24 hours. ADA is currently testing a huge buy wall and the key support level of $0.80. The situation is simple: if the price falls below and closes under this level, it may send it back to the support level of $0.50, which is considered a key area of the bullish "safety net."
2. Market Sentiment and Bullish Catalysts
(Source: TradingView)
The Relative Strength Index (RSI) of ADA is currently around 36, indicating that it is approaching the oversold area, which usually signals a potential rebound. Meanwhile, the MACD remains in negative territory, suggesting that bearish pressure has not fully subsided. If ADA's closing price falls below $0.80 and the market fails to recover, the bearish scenario will become a reality. However, given that the RSI is already oversold, the likelihood of a short-term rebound is high, and traders are closely monitoring the resistance level at $1.32 as the next test.
In addition to the technical aspects, Grayscale's series of measures has also driven a surge in market searches for the price of Cardano on Google, with search terms like "ADA price today," "ADA/USD," and "Cardano price" seeing an increase of 130% to 140%. This clearly indicates that retail investors' curiosity is rapidly rising. Moreover, one month before Grayscale's independent ADA ETF application was submitted, the likelihood of its approval has now reached 89%. The combined interest from both institutions and retail investors forms a strong bullish catalyst.
3. Future Outlook: Possibility of 300% Rise
In the previous cycle, the highest point of ADA was $3.00. A 300% rise from the current level would break that record. To achieve this, ADA needs to consolidate its breakout from one of the strongest reversal patterns, the falling wedge. If it can hold above the breakout trend line and successfully turn $1.32 into support, then the momentum could accelerate rapidly, with $3 as the first important upward target, which is both a psychological milestone and a technical target.
Conclusion
Cardano is currently at a critical crossroads, where its fate will be a tug-of-war between the pressure of short-term market pullbacks and the strong pull of long-term bullish catalysts. Although ADA has faced a pullback after breaking through a bullish pattern, and negative market sentiment still lingers, its deep integration with traditional financial markets—especially through Grayscale's ETF products and the upcoming prospects of independent ETF approvals—has laid a solid foundation for long-term growth. Short-term market fluctuations are difficult to predict, but ADA's ability to stay above $0.80 will be key in determining its short-term direction. If the bulls can defend this line, the growing interest from retail investors and institutional recognition will provide strong support, giving it the opportunity not only to recover lost ground but also to advance towards its ambitious 300% target and eventually break through its historical high.