"Cardano's Price Breakout: Bullish Wedge & SEC ETF Boost"

Cardano's price trajectory has been a subject of interest among crypto analysts, with recent predictions suggesting a potential breakout from a wedge formation that could impact the $0.8 level. This news comes amidst the U.S. Securities and Exchange Commission's (SEC) acknowledgment of Grayscale's Cardano ETF filing, which has sparked optimism for the crypto's future.

Crypto analyst CobraVanguard, in a TradingView post, highlighted the Cardano price's movement within a wedge. The analyst posited that if this wedge is broken, ADA may not dip below the $0.80 level again. CobraVanguard's chart indicated that a break above the wedge could see Cardano reclaim the $1 psychological price level.

The bullish outlook for Cardano's price is further bolstered by the SEC's acknowledgment of Grayscale's Cardano ETF filing. An ETF is generally considered bullish for a crypto's price, as it attracts institutional investors and drives more inflows into the coin's ecosystem, potentially sparking a rally to new highs.

However, in the short term, Cardano's price appears to be in bearish territory, having declined alongside the broader crypto market. ADA is currently trading below the $0.8 level, which could represent a buying opportunity, especially if the crypto never sees this price level again, as CobraVanguard predicted.

Crypto analyst CryptoBusy also noted the short-term bearish outlook for Cardano's price, stating that ADA is barely clinging to its 0.5 Fibonacci support level. A breakdown below this Fib support could lead to a straight drop to the $0.618 price level, with significant selling pressure expected to drive this decline.

Despite the short-term bearishness, some analysts remain optimistic about Cardano's long-term prospects. Crypto analyst Sebastian, in an X post, advised market participants to prepare for a mega bounce for the Cardano price after the current market downtrend. He argued that the worst time to sell is right now, and that in a month, market participants will wish they had bought more, as the market is a game of emotions and capitulation will ultimately drive prices higher.

Crypto analyst Ali Martinez recently noted that the most critical support zone for the Cardano price is between $0.67 and $0.80. As long as this level holds