- Several technical indicators suggest the YTD correction for ADA price has already hit the bottom.
- Cardano price has experienced a high correlation with BTC in the recent past, signaling potential bullish sentiment ahead.
Ahead of the much-anticipated altseason for the 2025 crypto bull market, Cardano (ADA) has emerged as a potential contender. Driven by institutional investors’ adoption and global liquidity expansion, ADA price action has mirrored that of major altcoins led by Dogecoin (DOGE).
The large-cap altcoin, with a fully diluted valuation of about $31.8 billion and a 24-hour average trading volume of about $913 million, gained around 14 percent in the last seven days to trade about $0.7092 on Monday, during the mid-North American trading session.
Top Reasons Why Cardano Price Gained
According to market data analysis from Intotheblock, Cardano has depicted a correlation of 0.87 out of 1 with Bitcoin in the past 30 days. With Bitcoin (BTC) price attempting to rally beyond a crucial resistance level above $95k, ADA’s price is well positioned to break out in tandem.
Since U.S. President Donald Trump announced on April 9 via Truth Social that it was an opportune time to buy, Cardano’s Futures Open Interest (OI) has surged from $603 million to around $802 million at the time of this writing.
Midterm Targets for ADA
From a technical analysis standpoint, Cardano price is following a similar fractal pattern to DOGE in the 2017 cycle. Worth noting that the first explosive rally for altcoins in 2017 happened during the second quarter.
In the 3-day timeframe, ADA price has formed a symmetrical falling channel, which could be breached in the near future. According to crypto analyst Ali Martinez, ADA price is well positioned to rally towards 88 cents, if it consistently closes above the resistance level around 74 cents.
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