Cardano Price Volatility Ahead of CLARITY Act and ETF Eligibility

Cardano's ($ADA) price has surged by 10.18% in the last week, reaching $0.1904 and propelling futures volume to a 380% increase from $150 million to $650 million.

The cryptocurrency's trajectory near $0.20 appears uncertain as it approaches both support at $0.1884 and resistance at $0.1967, just $0.020 and $0.063 away respectively.

However, Cardano may see a boost in the coming days due to two potential bullish catalysts: the CLARITY Act's potential passage in the US Congress by August 9 and Cardano's eligibility for a spot ETF launch on the Chicago Mercantile Exchange once its 75-day seasoning period ends.

Additionally, cryptocurrency expert Michaël van de Poppe views the current calm market as an opportunity to accumulate, pointing out that previous bear markets have seen significant price floors, such as Bitcoin at $16,000 and currently above $60,000.