Cardano (ADA) price has seen a significant increase of 14% over the past 24 hours, currently trading at $0.7985, fueled by a 55% pump in trading volume to $1.1 billion.
Filing for Cardano ETF
Following the filing of a 19b-4 form by NYSE Arca on behalf of Grayscale to create a spot Cardano ETF, investor interest in the cryptocurrency spiked. If approved, the ETF shares will trade under the ticker 'GADA'.
Technical Analysis of Cardano Price Movement
Despite the surge, ADA's price chart reflects a significant drop from previous highs around $1.20. A key support zone between $0.80 and $0.90 played a crucial role in halting further declines.
ADA Price Prediction
If ADA maintains its momentum and breaks above $0.92 (200-day SMA), the next target would be $1.00, followed by a larger move towards $1.20. Conversely, a rejection at $0.92 could lead to a pullback towards $0.75.
The ADA price surge highlights increased investor interest, while the market awaits potential approval of the first Cardano ETF.
