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A crypto analyst from Crypto Capital Venture just shared a new video about Cardano. The 10-minute video explains why Cardano price is at a critical point right now to his over 390 thousand subscribers.
The biggest news is simple. The SEC has extended their review of the Grayscale Cardano ETF by 45 days. The new deadline is May 29th, 2024.
The analyst says we shouldn’t worry about this delay. It’s normal for crypto ETFs. On March 11th, the SEC delayed over 60 crypto ETF applications. This included Solana, XRP, Dogecoin, and Litecoin. Crypto ETF delays have been happening since 2013. Even Bitcoin faced many delays before its ETF was approved.
What ETF Approval Really Means
Dan warns viewers not to expect too much from an ETF approval. He points to Ethereum as an example. ETH got its ETF approved in May 2024. But after approval, ETH dropped by almost 50%.
The economy matters more for crypto prices. Dan notes that inflation is going down. This might lead to lower interest rates soon. He believes actual inflation might be even lower than official reports show.
Cardano Price Battle
Dan describes Cardano’s price as being “at war” on the charts. He talks about two key price levels he calls the “Bull Market Doors”:
- Upper level: $1.25
- Support level: The 200-week moving average (about $0.73-$0.74)
For a bull market to start, ADA needs to break above $1.25 and stay there. If ADA falls below the 200-week average and stays down, the price could drop to $0.5-$0.59.
Right now, ADA is testing the 200-week average. A close above this level would be good news. A close below would likely mean more price drops.
What History Tells Us
Dan sees ADA following a pattern similar to past market cycles. In previous cycles, Cardano would consolidate for months before a big move up. If history repeats, ADA might be setting up for a major rise later this year.
Read Also: XRP Price Stays Flat as Ripple Secures a License to Offer Crypto Payments in UAE
For short-term traders, these are the levels to watch:
- 20-day average: $0.78
- 50-day average: $0.80
A close above $0.8 could signal a price reversal. Staying below 0.73 would likely mean more downside. The next few weeks will be crucial for Cardano’s price direction in the coming months.
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