- Cardano’s Midnight airdrop and $71M funding boost could propel ADA towards a potential $4 target.
- ADA price cup-and-handle pattern nears completion, with resistance around $0.93 signaling a possible breakout.
- Social dominance for Cardano rises to 1.65%, indicating growing investor interest ahead of key resistance levels.
Cardano Price is currently showing strong signs of potential price movement, fueled by recent developments. Analysts suggest that ADA price could reach $4, driven by both the ongoing Midnight airdrop and a $71 million funding initiative aimed at enhancing the network. These events, combined with accumulating investor interest, are pushing ADA toward a possible breakout.
Analysts Predict $4.00 Target for ADA as Key Resistance Levels Approach
Cardano price is showing promising signs of a potential price surge, driven by the development of a long-term cup-and-handle pattern. According to market analyst Smith on X, this pattern began forming in 2022 and is nearing completion.
Resistance levels are currently positioned around $0.90 to $0.93, and Smith predicts that a breakout above this range could trigger a significant rally, with targets as high as $4.00.
Over the past year, ADA price has traded in the $0.60 to $0.90 zone, allowing the price to build a strong base. This period of consolidation has reduced volatility, removing weaker hands from the market. As the ADA price approaches the crucial resistance area, the potential for a breakout increases, especially if strong buying pressure emerges.
Source: X/Smith
The ADA price is also forming the right half of a rounded base after bouncing off $0.6943 support, moving toward the resistance zone of $0.85 to $0.93.
If buying pressure continues and volume picks up, ADA price could break through this resistance, setting the stage for a possible price surge. However, if sideways trading continues, a breakout may take longer to materialize.
Midnight Airdrop and $71 Million Investment Spark Renewed Investor Interest
Anticipation around Cardano’s Midnight airdrop is rising, with 24 billion NIGHT tokens set to be distributed. Half of the total supply will go to ADA price holders at a conversion rate of 1ADA to 0.34 NIGHT. More than one million wallets are eligible to receive the airdrop, making it one of the most highly anticipated token drops of the year.
Alongside the airdrop, the Cardano community has voted in favor of a $71 million treasury fund. This budget will focus on enhancing Cardano’s transaction capacity, improving cross-chain compatibility, and developing infrastructure to support further network growth. These initiatives are designed to strengthen Cardano’s position in the market.
Source: Santiment
Market data from Santiment shows that Cardano’s social dominance has increased to 1.65%, and Open Interest has risen to $215 million. These metrics reflect growing interest from traders, suggesting that ADA price may be on the verge of a breakout. If ADA price can surpass resistance at $0.93, it could trigger a significant price move, with targets reaching $1.15 to $4.00.
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