Cardano on May 29, 2025: Bullish Outlook Driven by Technology

Cardano rises 2% to $0.60, fueled by network upgrades and institutional demand.

On May 29, 2025, Cardano (ADA) has risen approximately 2% to $0.60, showing signs of a mildly bullish trend in the cryptocurrency market. This price increase occurs amid broader market influences from macroeconomic factors and Bitcoin volatility, yet Cardano stands out due to technological advancements and institutional demand. From a technical perspective, Cardano is consolidating between $0.58 and $0.65, forming an ascending triangle pattern on the daily chart, signaling potential growth. The Relative Strength Index (RSI) is around 60, indicating bullish momentum without entering overbought territory. Breaking the $0.65 resistance could push Cardano toward $0.68 and potentially $1, though derivatives data suggests sellers remain active in this range. A major driver of Cardano’s growth is its recent network upgrade. The Chang hardfork, successfully implemented in September 2024, has enhanced decentralized governance, boosting confidence among developers and investors. This upgrade, along with projects like Midnight, focused on privacy, has positioned Cardano as a leading blockchain in scalability and sustainability. Reports indicate that daily active addresses on the Cardano network have surpassed 1.2 million, reflecting growing user activity. Institutional demand also plays a significant role. Inflows into Cardano-related investment products reached over $150 million in May, signaling increasing institutional confidence. Rumors of potential Cardano exchange-traded funds (ETFs) could further drive demand. The reduction in Cardano’s exchange supply to 83.7% of circulating supply suggests a trend toward long-term holding, which could exert upward pressure on the price. However, macroeconomic factors, such as monetary policies and global trade tensions, may introduce volatility. Cardano’s correlation with Bitcoin has decreased from 0.6 to 0.3 in recent months, indicating relative independence that could benefit it during altcoin seasons. Some analysts predict that with ETF approvals, Cardano’s price could reach $3 by the end of 2025. Risks remain, including selling pressure at resistance levels and regulatory uncertainties. Traders should monitor the $0.58 support and $0.65 to $0.68 resistance. Staggered buying near support could be a prudent strategy. In summary, Cardano on May 29, 2025, is in a promising position. With technological advancements and institutional support, the mid-term outlook is positive, but traders should exercise caution and prioritize risk management.