Cardano ADA News: Significant Price Decline andTrader Sentiment Analysis

Cardano [ADA] Price Dynamics and Trader Sentiment

Cardano`s [ADA] price action is being closely watched after a significant 13% decline in the past 24 hours, bringing it NEAR the $0.665 mark. Traders were over-leveraged at $0.634 and $0.708. On-chain metrics show an outflow of over $8 million worth of ADA tokens from exchanges. Despite a 90% surge in trading volume, this does not necessarily indicate a price rally, as such spikes typically accompany breakouts or breakdowns from price patterns.

Cardano ETF Acknowledged By SEC: ADA Price Outlook Bullish

The US SEC acknowledged Grayscale’s Cardano (ADA) ETF application filed by the New York Stock Exchange. The development could lead to a rise in investor sentiment for ADA. However, the cryptocurrency market took a massive dip later due to US tariffs announced for Canada and Mexico, affectingADA and other major crypto assets.

Cardano Price Prediction: Breakout Could Prevent Drop Below $0.8

Crypto analyst CobraVanguard predicts that if the current wedge pattern in Cardano`s price breaks out, ADA may never drop below $0.80 again. The analyst`s chart also suggests a potential reclaim of the $1 price level. This bullish outlook comes amid the US SEC`s acknowledgment of Grayscale`s Cardano ETF filing.

SEC Acknowledges Grayscale’s Spot Cardano ETF Filing

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale Investments’ filing to list and trade Spot Cardano ETF shares under NYSE Arca Rule 8.201-E. Grayscale Trust’s assets will solely consist of ADA, with its value pegged to the CoinDesk Cardano price Index. Shares will be traded on the NYSE Arca, providing a regulated avenue for investors to gain exposure to ADA price movements. The acknowledgment by the SEC does not constitute an approval but is a crucial first step in the regulatory process that could lead to an official green light. SEC is expected to make its decision later.