Will ADA's price blast off above $1 in May?

The Cardano price is once again on traders' radar despite its current downward trend.

The Cardano price is currently trending downwards despite the fact that traders are closely watching it.

At press time, Cardano is changing hands at $0.6978, down 0.65% for the day. In the past week, the altcoin dropped by 4.1% but managed to surge by 7.8% over a month.

However, technical patterns and other major industry developments suggest that ADA could be seen striking higher. As analysts set bullish price targets, could the Cardano price blast off above $1 in May?

What's Next For Cardano Price After Inverse Head And Shoulders Pattern Breakout?

Currently, Cardano (ADA) is trading in a negative zone despite its attempt to recover from the recent downturn.

At press time, Cardano is valued at $0.6978, down 0.65%. Over the past week, the altcoin experienced a dip of 4.1% despite a surge of 7.8% in a month.

However, technical indicators suggest that ADA is on the cusp of a major breakout. In the daily chart, Cardano is shown breaking out of a falling wedge after forming an inverse head and shoulders pattern, a bullish reversal signal. After a successful retest of the wedge’s upper trendline, ADA’s upward momentum may push it towards key resistance levels at $0.81, $1.17, and $1.30.

In addition, upcoming developments like the ADA ETF approval have further bolstered the positive sentiment surrounding Cardano.

Is Cardano ETF Launch Around The Corner?

As investment giant Grayscale has filed for a Cardano ETF with the NYSE, all eyes are watching for its potential launch. According to Bloomberg analysts Eric Balchunas and James Seyffart, the Cardano ETF has a 75% chance of approval. This increasing excitement over the development has fueled more bullish sentiment and investor interest in ADA.

"The Node" covered this topic in more detail in a previous article.

"The calculus has shifted in favor of more broadly accessible Cardano products, paving the way for a potential ETF launch. It appears that the crowd is largely expecting a bull case scenario for the upcoming year. A no-arbitrage put payoff at $0.74 is being used by market participants to hedge against the possibility of the stock price declining rapidly. Given the strong bullish momentum, this scenario seems unlikely. Alternatively, if the bullish trend continues and the price breaks above $0.74, it could clear the way for a move towards $0.88, which is the next level of resistance."

Cardano Price: Crucial Test In Sight As Bulls Eye Higher

Driven by the current positive sentiment and bullish developments, analysts and traders are closely watching the Cardano price movements.

According to market intelligence firm Collective IQ, traders are setting no-arbitrage put payoff at $0.74, which indicates that they are expecting the stock price to decline rapidly. However, considering the strong bullish momentum, this scenario seems less likely.

Alternatively, if the bulls manage to push the price above $0.74, it could clear the path for a move towards $0.88, which is the next level of relevant resistance.

Meanwhile, market expert STEPH IS CRYPTO provides a more bullish prediction for the Cardano price. As per his projection, ADA is poised to hit $5 in the near term.