Charles Hoskinson has affirmed that Cardano (ADA) will steal the crypto spotlight as the altcoin attempts to hold a crucial level as support. Some analysts believe the cryptocurrency is preparing for a massive rally in the coming months.
Since then, the cryptocurrency has retested the trendline area as support, confirming the breakout. To Gordon, if the price continues to hold above this level, Cardano could see “a HUGE move to the upside.”
Now, the cryptocurrency displays a similar price action, retesting this level in the weekly timeframe multiple times over the past two months. “I’m betting on ADA repeating its history by breaking out October/November this year,” the analyst wrote.
The Securities and Exchange Commission (SEC) approved the digital asset manager’s request to convert its Grayscale Digital Large Cap (GDLC) Fund into an ETF earlier this week. Since the announcement, investors consider the odds of a spot ADA ETF approval are higher.
As of this writing, Cardano is trading at $0.89, a 1% decline in the weekly timeframe.
