Cardano's ADA surges 9% to $0.90, 60% gain in four weeks

The price of ADA, the native cryptocurrency of the Cardano blockchain, has recently shown significant bullish momentum. In its latest surge, ADA posted a remarkable 9% intraday gain, climbing to $0.90 and breaking past a significant resistance level at $0.85. This upward movement has been sustained, with ADA trading above $0.88 at the time of writing, marking a nearly 60% increase over the past four weeks. The cryptocurrency's price action has been bolstered by a series of positive developments and technical indicators.

Supporting this upward trend in ADA price are key technical indicators. A short-term golden cross formed early July between the 20-day and 50-day exponential moving averages (EMA). Now, the ADA price is nearing a more influential long-term golden cross, where the 50-day EMA is set to cross above the 200-day EMA. This setup is widely seen as a strong bullish continuation signal, and if confirmed, may drive further accumulation from traders and institutions alike.

In addition to the charts, fundamental developments are fueling ADA crypto’s optimism. One of the major drivers is speculation around a potential spot ADA ETF approval by the SEC in 2025. With recent Proshares ultra XRP ETF approved, the altcoins approval odds have spiked, which includes ADA ETF too. Therefore, the rising traction pushes hopes to next level with Cardano next in line, if only the regulatory climate continues to shift in favor of altcoins. Adding to the sentiment is the anticipation of the Midnight airdrop, it is seen as influential move and expected to drive user engagement. That said, the broader belief that the crypto market rally is still having legs. Based on that, if Bitcoin price manages to sustain a new leg up, altcoins like ADA price could ride the wave.

While some investors are cautiously eyeing the $1 milestone, crypto analyst Ali Martinez believes $1 is no longer a question, but the beginning of a potential extended rally. Meanwhile, Dan Gambardello, a known Cardano supporter, presented a more ambitious case for ADA price. In his recent post on X, he explained that under specific conditions, like ETF approvals from major asset managers (AUMs), Bitcoin reaching $250,000, and Cardano’s market dominance hitting 4.5%, meeting all checks, the ADA price could reach as high as $12.86.

In summary, the recent price action and technical indicators suggest that ADA has the potential to hit $12 in the future. The cryptocurrency's bullish momentum is supported by a series of positive developments, including institutional interest, technical analysis, and the recent audit of Cardano's smart contract platform. While the path to $12 may be challenging, the current trends and analyst forecasts indicate that ADA has the potential to achieve this milestone.