Cardano’s Going Viral, But Will the Price Follow?

Cardano (ADA) is becoming all the rage with its social media presence seeing a serious spike, leaving Ethereum and Dogecoin in the dust.

Crypto guru Dan Gambardello pointed out on X that ADA has become a hot topic in crypto discussions, showing growing optimism in its potential.

Bitcoin Still King, But Cardano’s Volume Surging

Sure, Bitcoin still runs the show in the conversation department, but Cardano’s rising volume suggests that more attention is being paid to its progress and price action.

A big news for Cardano has been its collaboration with Microsoft. Charles Hoskinson, the founder of Cardano, had recently teased a high-profile meeting with a mystery guest later this month. This could be a huge deal for the blockchain as it explores new partnerships that could supercharge its network.

Related: Cardano (ADA) Price Drop May Be Over: Analyst Sees an Imminent Rebound based on TD Sequential Indicator

Additionally, Grayscale has filed for a Cardano ETF, its first product solely focused on ADA. This move is right in line with the broader trend of traditional financial institutions recognizing the value of digital assets.

If it gets the green light, the ETF could provide institutional investors with a new way to invest in Cardano, ramping up demand and boosting the price.

ADA Price Outlook

Going through the charts, Dan Gambardello noted that Cardano’s price action is similar to previous cycles. He notes that Cardano is currently experiencing a consolidation phase between key moving averages, similar to patterns seen in previous bull markets.

The 20-day and 50-week moving averages provide critical support levels, with ADA hanging around 70 cents. The key Fibonacci levels between 63 and 57 cents are under the microscope, as they represent crucial price zones that could determine ADA’s next move.

Related: Cardano (ADA) Dips, But Analysts Eye Major Price Surge

Additionally, looking at ADA’s short-term price action, analysts are eyeing the 50-week moving average, which aligns with the Fibonacci level of around 58 cents. However, ADA may face short-term volatility, potentially testing lower support levels before a breakout.