Cardano is once again in focus as speculation around a potential U.S.-approved ETF surfaces. Market analyst CryptoPatel shared a technical chart via TradingView alongside a tweet stating there’s a “90% chance for a Cardano ETF by October 23.”
The post hinted that current ADA price action could represent calm before a possible breakout to $2, and drew attention to long-term accumulation patterns.
The chart covers ADA/USDT on a bi-weekly timeframe and outlines a multi-year trend channel beginning in 2020. It tracks ADA from its extended bear cycle through the 2021 rally, and maps out projected movements into 2027.
Long-Term Channel and ADA Price Structure
ADA has been trending within a wide ascending channel since its breakout in 2020. The lower boundary of this channel has acted as support across multiple cycles, while the upper trendline has contained price surges.
This structure provides a consistent framework for long-term analysis. In late 2020, ADA price broke above a sloping resistance line, which lead to its all-time high.
That move marked the beginning of an uptrend within the channel. Since then, price has fluctuated but continued to respect both support and resistance boundaries of the channel.
Support Base and Accumulation Activity
Between $0.24 and $0.35, a clear support base has formed. ADA price tested this level multiple times from mid-2022 to 2024.
The zone overlaps with the channel bottom and is identified as an accumulation area in the chart. ADA current price near $0.5459 suggests a modest rebound from that zone.
Recent candles show consolidation, which may suggest accumulation rather than immediate upward momentum.
ADA Price Analysis: Resistance and Long-Term Projections
A key resistance band exists between $1.00 and $1.45. ADA price has failed to close above this range during past rallies. If price approaches this zone again, it may encounter selling pressure.
The Cardano chart also outlines a potential breakout path, with targets at $2.00 and $2.89. These align with long-term resistance levels and the upper channel trendline.
ETF Speculation and Market Narrative
CryptoPatel’s tweet tied the possibility of an ETF approval to the current chart setup. The projection indicates a possible staged breakout, with accumulation leading to a long-term move above $2.
The combination of technical structure and external catalysts such as ETF news is drawing renewed attention to ADA next potential cycle.
Read Also: How Cardano Went From ‘Ethereum Killer’ to Crypto Ghost Town
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