Cardano (ADA) is showing signs of consolidation and a possible price increase as it stays above the support level of $0.76. The community is also waiting for a decision on its Cardano ETF on May 29. The first target for buyers is to see a clear breakout above $0.84. On May 25, the price of Cardano reached $0.8373 but then experienced significant selling pressure.
Volume also reached $1.11 billion on that day, as shown on CoinMarketCap, indicating strong market participation, although not sufficient to maintain the level.
Currently, volume has dropped to around $683 million, which is still substantial, but cryptocurrency experts caution against relying on price movements during low-volume sessions.
Cardano Price Is Forming Bullish Patterns
According to crypto analyst Sssebi, the ADA price has reclaimed the $0.76 level and is now forming a symmetrical triangle, a bullish pattern often preceding a breakout. The key level to watch next is $0.84. A close above this could trigger momentum toward a higher high.
The triangle has been forming over several weeks and has respected both support and resistance trendlines. As seen on the chart, buyers have stepped in at each retest of the ascending support, reinforcing bullish pressure.
Taking a broader view, analyst Lennaert highlighted Cardano’s bullish structure on the higher time frame (HTF) in his tweet. He noted a “clean bounce off liquidity” and an ongoing macro uptrend. He pointed to the $4.90 price level as a possible long-term target if momentum sustains and the altcoin cycle flips bullish.
His chart also shows a potential inverse head-and-shoulders pattern, another bullish indicator often seen at market bottoms. If this plays out, the Cardano price could be gearing up for a much larger move than short-term traders expect.
Grayscale Cardano ETF Deadline Could Be the Catalyst
The upcoming deadline for Grayscale’s Cardano ETF, set for May 29, 2025, could trigger this potential breakout. The SEC must either approve, deny, or delay the decision by Thursday. This event could serve as a fundamental catalyst for a major ADA price swing.
According to Cardanians.io, Bloomberg analysts placed a 75% probability of ETF approval by the final deadline. On Polymarket, current odds stand at 71%, suggesting elevated investor confidence. If approved, this would mark a significant milestone for Cardano, opening the doors to institutional capital and significantly boosting market sentiment.
ETF approvals have historically triggered price rallies in other assets like Bitcoin (BTC). A green light from the SEC could push $ADA beyond $0.84 and set the tone for a rally toward previous highs.
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