Cardano (ADA) Surges 5% Amid ETF Speculation: Analysts Eye Further Growth
Cardano (ADA) has experienced a notable 5% price surge in the past 24 hours, climbing to $0.64, as market optimism builds around potential institutional demand. Analysts highlight Grayscale’s spot ADA ETF filing under SEC review as a key catalyst, with approval odds currently estimated at 61%. A green light could unlock significant institutional investment, driving additional upside for ADA. The broader cryptocurrency market is also rallying, with total capitalization exceeding $2.85 trillion. Bitcoin (BTC) gained 4% to $87,300, while Ethereum (ETH) surpassed $1,600, signaling renewed bullish sentiment across the sector.
Cardano (ADA) Surges 5% with Potential for Further Growth
Cardano (ADA) has seen a 5% increase in the last 24 hours, reaching $0.64. Analysts attribute this to potential factors like Grayscale’s spot ADA ETF filing under SEC review, which has 61% approval odds. Approval could drive institutional demand and fuel additional price appreciation. The cryptocurrency sector’s market capitalization has surpassed $2.85 trillion, with Bitcoin (BTC) up 4% at $87,300 and Ethereum (ETH) above $1,600.
Cardano Price at Risk of 50% Crash, Analysts Warn
Cardano’s (ADA) price was subdued on Monday, trading NEAR $0.62. The crypto is at a crucial technical juncture, with resistance at the 21DMA indicating bearish control. Analysts predict a potential 50% drop to 2024 lows near $0.30 due to macroeconomic uncertainties, such as the ongoing US-global trade tensions. The catch? The price action in the coming days will be crucial for Cardano’s near-term momentum.
Cardano Price Declines, Volume Increases
Cardano (ADA) has seen a 1.84% decline in its price, trading at $0.6340 as of Tuesday. The daily trade volume increased by 18.55% to $595,211,435.49. This volume increase amidst a price decline could indicate profit-taking or repositioning by traders. Over the past week, Cardano has declined 1.72%, with a total market capitalization of $22,372,964,851.74. In the last 24 hours, Fartcoin, POL (prev. MATIC), and Kaspa emerged as top gainers, while Movement, Aptos, and Theta Network ranked as top losers.
Cardano [ADA] Shows Signs of Strength as Sentiment and Activity Rise
Cardano’s ADA is gaining market attention with both retail and institutional sentiment trending positively. The crowd sentiment score stands at 0.99, while smart money sentiment leads slightly higher at 1.05. This alignment could pave the way for a price rally as the coin approaches a critical resistance level at $0.671. Additionally, recent on-chain data indicates a rebound in user activity, hinting at a potential reversal in activity trends. Technical indicators, such as liquidity pressure and an inverse head and shoulders pattern, suggest a possible breakout to the $0.80 zone.
