Key Insights:
- Paul S. Atkins takes over the SEC, raising optimism for crypto-friendly policies that could boost Cardano price.
- Analysts see ADA hitting up to $2.91, backed by bullish patterns and strong volume signals.
- Cardano eyes a 20% jump if it breaks key resistance, riding Bitcoin’s bullish momentum.
Cardano price dropped 2.6% in the last 24 hours to trade at $0.6267 as of 3:14 a.m., with a 21% surge in trading volume to $572 million.
This decline came despite bullish developments around the new SEC chairman. Can ADA price still pull off a jaw-dropping 390% surge, as some analysts suggest?
Cardano Price Prepares to Soar As Atkins Enters SEC Chair Office
While ADA price shed off a few percentage points, the United States Securities and Exchange Commission (SEC) received its new Chairman. On April 21, Paul S. Atkins was sworn into office today as the 34th Chairman of the Securities and Exchange Commission.
Historically, SEC leadership changes can be a double-edged sword for crypto. A pro-crypto chairman could mean clearer regulations, less FUD, and more institutional money flowing in—perfect for a project like Cardano.
Atkins previously served as a U.S. Securities and Exchange Commission member from 2002 to 2008 and is likely familiar with the woes the crypto industry went through under the leadership of Gary Gensler.
This happens amid a broader crypto market relief rally spearheaded by Bitcoin price, which surged 4.8% in the past 7 days, setting off April as potential the start of a bullish Q2. Cardano, which has a correlation of 0.8 with Bitcoin, will likely be following the trend and making gains before the end of April.
Analyst: 354% Climb for Cardano Price Loading
Prominent crypto analyst Javon Marks has predicted that the Cardano price has the potential to rally 354%, which could send the asset to between $2.70 and $2.91.
According to Marks, the Cardano price action shows a series of falling wedges indicating consolidation before a breakout. Each wedge has been followed by a sharp upward move in the past, and right now, the price of ADA looks like it’s in the middle of another one.
The analyst also noted Cardano is “coming off key volume”, which is like the foundation of a solid price jump and breakout.
Cardano Price Analysis:
The 6-hour chart for Cardano shows an ascending triangle pattern that ADA has been trading within. The triangle is formed by a flat resistance line (around $0.64) and an upward-sloping resistance line connecting lower highs over time.
ADA’s price action shows it repeatedly testing the resistance around $0.64 while being buoyed by the ascending support. A breakout above the ascending triangle is generally a bullish signal, indicating that buyers have overcome the selling pressure at the resistance.
If that happens, Cardano would surge to projected target of $0.73, calculated by measuring the height of the triangle (from the highest point of the triangle to the flat support) and adding that distance to the breakout point. This would mark a 20% increase from current price.
The relative strength index (RSI) is at 50.93 which neutral. However it is also facing upward signaling Cardano has bullish tendencies.
Should bears become stronger and push ADA price below $0.6, it would find support around $0.56, $0.54 and $0.51.
Can ADA Price Hit $2.91?
The short-term target of $0.73 is realistic based on technicals. If bullish sentiment continues, ADA could extend its rally by 354%, reaching $2.91, aligning with Marks’ projection.
Analyst Dan Gambardello added that a “massive crypto breakout” could occur in 1–2 weeks, backed by global liquidity inflows.
Such a move would boost Cardano’s market cap from $22.74 billion to around $102 billion. While ambitious, it remains possible in a strong bull market—especially if SEC policies turn more supportive under Atkins.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
