Cardano's (ADA) Estimated Value: Technical Evaluation Predicts $1.32 as Target with Solid Support Barriers

Cardano's (ADA) Estimated Value: Technical Evaluation Predicts $1.32 as Target with Solid Support Barriers

Cardano, the third-largest cryptocurrency by market capitalisation, is experiencing a surge in adoption and positive technical indicators.

The digital banking arm of Santander, OpenBank, has integrated ADA trading for more than 2 million customers across Germany and Spain, marking a major institutional adoption milestone for Cardano. The service has launched in Germany, with plans to expand to Spain and other European countries.

This integration eliminates the need for third-party exchanges, giving users a more streamlined experience. OpenBank, which serves over two million clients across Spain, Germany, the Netherlands, Portugal, Mexico, and the United States, now considers Cardano on equal footing with traditional financial assets in the eyes of its customers.

Transactions carry a flat fee of 1.49%, starting from €1, while custody services are provided free of charge.

The technical outlook for Cardano remains strong. A golden cross pattern formed on July 22 on Cardano's chart, further supporting the positive outlook. The price of Cardano has already surpassed the pattern's neckline at $0.8650. A double-bottom pattern has formed at $0.5025 on Cardano's chart, indicating a potential bullish reversal. Cardano's price is currently above the Ichimoku cloud indicator, suggesting bullish momentum. Analysts project a potential target of $1.3272.

However, a drop below the support at $0.8300 could invalidate the bullish forecast for Cardano.

The coming weeks will be crucial for Cardano as the decision on the Grayscale ADA ETF, set for October 22, approaches. The SEC has recently approved generic standards for altcoin ETF listings, a criterion that Cardano meets. The SEC's recent approval of multiple spot Ethereum ETFs from major financial institutions could influence the decision on the Grayscale ADA ETF.

Despite the promising developments, Cardano lacks the vibrant DeFi activity seen on platforms like Solana, Sui, and Sei. Moreover, Cardano has minimal presence in the stablecoin market, a crucial sector in the cryptocurrency space.

An approved Cardano ETF could be a significant milestone for the blockchain network, which has struggled to gain traction compared to competitors. With the integration of OpenBank and the pending ETF decision, Cardano is poised for potential growth in the near future.

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