Cardano (ADA) has experienced a significant boost, rising by 13.66% in a day. This surge may be linked to Grayscale's spot ETF application on the NYSE.
Cardano's Sharp Increase
Cardano's price surged to $0.8159, breaking crucial resistances at $0.7491 and $0.7934. Its daily trading volume increased by 70%, reaching $1.33 billion.
Market Influencing Factors
Bloomberg predicts ETF approvals for several cryptocurrencies like Litecoin and Dogecoin, but Cardano is not mentioned.
Technical Analysis of Cardano
Technical indicators are mixed, with MACD showing bearish sentiment. However, the Chaikin Money Flow indicates positive movement with buyers in control. BBP signals a slight bearish pressure.
Despite the rise, technical indicators point to uncertainty. If selling pressure increases, a dip to $0.68 is possible. Conversely, successful growth could push the price back to $1.
