- Cardano rebounded from $0.80 and now tests the $0.90 resistance.
- ADA ETF approval odds have climbed to 92%, boosting investor confidence.
- Reliance Global Group has added ADA to its treasury, citing strong fundamentals.
Cardano’s ADA has rebounded strongly from a daily low of $0.80 and is now pushing toward a breakout above the $0.90 resistance level. With momentum building, traders are eyeing the psychological $1 mark as the next major target.
At the same time, ETF approval odds for ADA have surged to a record 92%. If approved, such an institutional product would open gates for massive capital inflows.
Reliance Adds ADA to Treasury
Momentum found another boost when Reliance Global Group said it added ADA to its digital asset treasury. The Group announced its first purchase of ADA as part of its Digital Asset Treasury initiative.
The publicly-listed insurance and financial services firm cited Cardano’s peer-reviewed, scalable design, energy-efficient proof-of-stake system, and growing real-world adoption as key reasons for adding ADA to its treasury.
Reliance said that its crypto strategy is not opportunistic but focused on long-term value. The company previously acquired Ethereum and now adds Cardano to its portfolio, showing confidence in the project’s fundamentals.
On-Chain Growth Signals Steady Use
Meanwhile, on-chain growth is adding to optimism with the Cardano mainnet surpassing 114 million transactions, highlighting steady adoption even during uncertain market conditions.
Related: Direct Democracy vs Delegated Authority: The Real Fight in Cardano’s 50M ADA Plan
Cardano Price Analysis: Resistance, Breakout, and Risks
ADA Presses Long-Term Trendline
Cardano’s weekly chart shows the asset pressing against the upper boundary of a descending wedge that has defined its price action since 2021. Currently trading above $0.82, ADA is testing the long-term descending trendline once more.
A confirmed breakout above $0.85 with rising volume would likely open the door for a run toward $1.00, with $1.50 standing out as the next significant target if bullish momentum sustains.
Indicators Leave Room to Run
Supporting indicators include narrowing Bollinger Bands, suggesting a volatility expansion is near, and a weekly MACD that is close to a bullish crossover. The RSI at 57 also signals room for further upside before becoming overheated.
Pullback Risk Still on the Table
However, if ADA is rejected at resistance again, the risk of a pullback remains. A return to the $0.35–$0.45 accumulation zone would test long-term support, while a failure there could prolong the multi-year downtrend.
Related: Cardano (ADA) Price Prediction For September 23
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