A crypto analyst from Crypto Capital Venture recently discussed the current situation with Cardano's price and the SEC's delay in reviewing the Grayscale Cardano ETF, causing investor concerns.
What ETF Approval Delays Mean
The SEC has extended the review period for the Grayscale Cardano ETF application by 45 days, until May 29, 2024. The analyst suggests not to worry excessively about the delay, as it's a common practice for crypto ETFs. Such delays have been occurring since 2013 and affect many cryptocurrencies, including Solana, XRP, Dogecoin, and Litecoin.
Cardano Price Battle
The analyst describes Cardano's current price situation as being 'at war' on the charts. Key levels are: upper level $1.25 and support at the 200-week moving average ($0.73-$0.74). For a bull market to commence, ADA needs to break above $1.25. If it falls below the 200-week average, the price could drop to $0.5-$0.59.
What History Tells Us
According to the analyst, Cardano follows historical market cycles. Typically, after long consolidation, the cryptocurrency experiences significant growth. If history repeats, ADA might be set for a major rise later this year. Short-term levels to watch: 20-day average $0.78 and 50-day average $0.80.
Despite SEC delays and current market fluctuations, it's important to monitor key price levels and study historical patterns to predict future Cardano movements.
