The market outlook for ADA is becoming increasingly bullish, courtesy of the asset’s continued upward movement in May. According to a market expert, the second half of the month looks even more promising for the altcoin.
In a recent post shared with X, prominent pseudonymous analyst Ali_Charts shared a potential scenario for the 9th-largest cryptocurrency by market cap. The analyst forecasted $1 as a potentially attainable near-term price point for ADA bulls.
As depicted in his ADA technical chart, which dates back to December 2024, a long-term bullish formation signals a possible price hike to the $1 mark. However, the analyst asserted that this scenario is only attainable if bulls successfully break above the $0.81 resistance level.
Once the hurdle is crossed, ADA bulls could target $1 as the next price mark for the altcoin. The analyst wrote, “If Cardano ADA breaks above the $0.81 resistance, it could set its sights on $1.”
While failure to break resistance has sent the bulls below the $0.80 price mark, the possibility of a retest is still very likely, as the bulls have managed to contain extreme selling pressure.
At the time of this report, ADA is trading for $0.79, with sustained weekly gains sitting at 6%. Bulls have notably sustained a slow but steady recovery over the past month, with 30-day gains soaring above 27%.
Alongside the positive technical outlook for ADA, another fundamentally bullish uptrend has been spotted in the broader Cardano market. According to data from Taptools, the odds of ADA receiving a spot ETF have soared by 45% since the start of the year, signaling a rise in institutional interest in altcoin ETFs.
An ADA ETF approval could catalyze a price rally for the already promising asset, as with leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH).
