Cardano (ADA) Eyes $1.60 Upswing Following Vanguard Bitwise 10 Index Listing
- Cardano (ADA) joins the Bitwise 10 Crypto Index via Vanguard, boosting institutional credibility.
- ADA remains bearish but holds $0.40 support, hinting at a possible trend reversal.
- ADA could climb to $0.51, $0.68, $0.95, and $1.60 if support remains strong and bullish momentum builds.
Cardano (ADA) is moving in a bearish phase but still holds a key support level with a potential for a trend reversal soon. However, the crypto analyst, Mintern, revealed that Vanguard Group has officially added ADA to the Bitwise 10 Crypto Index, marking a key milestone for the blockchain platform.
This move reflects growing institutional recognition and highlights ADA’s increasing influence in the cryptocurrency market. Joining the top 10 digital assets, Cardano strengthens its credibility and mainstream appeal.
Inclusion could result in more investments by index-tracking funds and ETFs, increasing liquidity and stability. Validation by institutions is often associated with increased confidence by individual investors and could significantly improve ADA’s market prospects. Analysts have indicated that inclusion is placing Cardano on a strong footing within conventional financial investment.
Also Read: Cardano’s (ADA) Rally: 33% December Surge Forecast Sparks Market Frenzy
Cardano (ADA) Technicals Suggest a Corrective Phase
Technically, the weekly chart of ADA is clearly showing a downward trend. The price is currently below the mid-Bollinger Band (20 SMA at $0.7120) and remains close to the lower Bollinger Band, further indicating a bearish trend. After the small rally seen during November 2024, it dropped significantly, breaking several support points, further revealing strong bearish pressure.
Source: TradingView
RSI (14) is at 33.97, which shows Cardano is close to an oversold level but not significantly so. Selling is strong, but a temporary bounce is possible if buying pressure increases. In the past, such RSI readings resulted in stabilization and slight correction phases, which gave cautionary traders a chance to look out for reversals and further downward movements.
Cardano (ADA) Could Rally to $1.60 if Support Holds Strong
Moreover, the crypto analyst, Rose Premium Signals, highlighted that Cardano is again testing the lower side of the downward channel, which is closer to the critical support zone at $0.40. Initial buying volume is starting to increase, which is an indication that bullish power could start building. Market participants are closely monitoring the retests by bulls at the important level, which is a sign of a possible reversal.
Source: Rose Premium Signals
If support is sustained, ADA may target a number of higher levels, starting with $0.51, then $0.68, and finally $0.95. Further breaks could see it targeting $1.25 and then $1.60. Cardano is now on the brink of a strong bullish reversal, but only if the bulls hold on to support.
Also Read: Cardano (ADA) Breaks Key Resistance as Market Watches Crucial Support Levels
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