Cardano Hovers at Crucial Support Levels, Institutional Interest Could Spark Bullish Trend

Cardano, the eighth-largest cryptocurrency, finds itself in a critical juncture as it hovers around key support levels. Renowned market analyst Ali Martinez has identified $0.68 and $0.80 as crucial price points for ADA, with a break below these levels potentially leading to a significant drop to the $0.33 area.

However, a breach above $0.80 could signal a bullish trend, paving the way for Cardano to reclaim the psychological price of $1. At the time of writing, Cardano's price was around $0.6636, according to CoinGecko data.

Institutional interest in Cardano could provide a much-needed boost to its price. Grayscale, a leading American asset management firm with $50 billion in assets under management, has applied for a Cardano ETF with the United States Securities and Exchange Commission (SEC). If approved, this could trigger a bullish picture due to intensified institutional investments.

On-chain metrics also support a bullish sentiment for ADA. A market analyst known as Bleeves Crypto recently pointed out that if Cardano continues to follow the Golden Ratio playbook from the last bull cycle, a surge to $8 could materialize. Additionally, Martinez acknowledged that Cardano could reclaim the $1 price level if it mirrors BNB's trend.