Cardano Targets $1 by Halloween; $0.68 Breakout Remains Key Hurdle

Cardano (ADA) price has been forming a potential market reversal pattern, following the October 11 crypto capitulation. The large-cap altcoin is currently trading around $0.64 on Thursday, October 23, after it established a robust support level of around $0.62 in the past two weeks.

ADA Holds $0.62 Support; Can Inverse H&S Trigger $1 Halloween Rally?

In the daily timeframe, the ADA/USD pair has been retesting a crucial support range between $0.52 and $0.62, which was established year-to-date. Notably, ADA price has rallied from this support range to hit $1 twice this year, thus bolstering a rally towards the same target by Halloween 2025.

In the four-hour timeframe, the ADA/USD pair has been forming a potential reversal pattern. Since the October 11 crypto crash, the ADA/USD pair has been forming a possible inverse head and shoulder (H&S) pattern, coupled with a rising divergence of the Relative Strength Index (RSI).

As such, a rally beyond $0.68 will confirm the breakout of the inverse H&S pattern and the onset of a rally towards $1, possible by Halloween 2025.

Why Bet on ADA Midterm Upsurge?

Cardano price has signaled midterm bullish sentiment catalyzed by renewed hype for exchange-traded funds (ETFs). On Wednesday, T. Rowe Price Group, a global investment firm with over $1.7 trillion in assets under management (AUM), filed Form S-1 with the United States Securities and Exchange Commission (SEC) to offer the T. Rowe Price Active Crypto ETF.

The firm’s new ETF will feature a basket of crypto assets, including ADA, ETH, SOL, XRP, DOGE, LTC, HBAR, BCH, LINK, XLM, and Shiba Inu. As such, T. Rowe Price Group joined three other fund managers seeking to offer spot ADA ETFs, including Grayscale Investments.

The ADA ETF hype has coincided with market uncertainty caused by trade war worries.

Cardano Network Upgrades (Leios, Midnight) Aim to Drive TVL Growth

Cardano’s midterm bullish outlook is bolstered by the network’s development and scheduled upgrades in the near term. Notably, Cardano’s core developers have scheduled two major upgrades to enhance the network’s scalability, including the Leios upgrade and the Midnight Layer 2 scaling solution.

The upcoming Cardano network upgrades will help attract more web3 developers. At press time, the Cardano network had a total value locked (TVL) of about $289 million and a stablecoin market cap of around $36 million, figures that are way lower than other competing layer one chains such as Solana (SOL), Ethereum (ETH), and Tron (TRX).

Rising ADA Futures OI Signals Trader Positioning for Upside

The large-cap altcoin, with a fully diluted valuation of about $28.8 billion, has signaled a bullish outlook amid rising calls for altseason 2025. Notably, Cardano’s Futures Open Interest (OI) has exponentially increased from $579 million to around $647 million in the past six days.

Cardano price is well-positioned to mirror its 2021 crypto bull run as traders anticipate the onset of the euphoric phase of the 2025 bull market. Furthermore, the crypto market has been consolidating since July this year amid accumulated bullish fundamentals, hence bolstering ADA’s bull rally to $1 by Halloween 2025.