Cardano Weekly Chart Puts $3 in View After CMTA Recognition, but ADA Must Break Its Descending Channel

Cardano remains trapped inside a long-running descending channel on the weekly chart, leaving ADA with an important technical hurdle before higher levels at $0.41, $0.78, $1.18, and eventually $3 can come into play. The setup arrives as Cardano gains a new institutional credential. The Capital Markets and Technology Association (CMTA) recently recognized Cardano’s CIP-0113 Programmable Asset Tokens implementation as equivalent to its CMTAT standard for tokenized shares. This means issuers can use the Cardano implementation to issue ledger-based equity securities eligible for certification under CMTA’s Tokenized Shares scheme. CMTA’s ecosystem includes major Swiss financial institutions such as UBS, Pictet and Lombard Odier. UBS reported $7.3 trillion in invested assets at the end of September.

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