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The Cardano price soared 14% in the last 24 hours to trade at $0.7985 as of 02:24 a.m. EST on a 55% pump in trading volume to $1.1 billion.
This comes after Grayscale, through NYSE Arca, submitted a filing under the Securities and Exchange Act of 1934 to launch the first spot Cardano ETF (exchange-traded fund).
NYSE Arca Files For First Cardano ETF On Behalf Of Grayscale
NYSE Arca has filed a 19b-4 form on behalf of Grayscale to create a spot Cardano (ADA) ETF, with Coinbase Custody as the custodian and BNY Mellon as the administrator.
This marks the first ever ETF proposal based on… pic.twitter.com/ISmupDDrnQ
— The Wolf Of All Streets (@scottmelker) February 11, 2025
The proposed ADA ETF aims to offer investors regulated exposure to Cardano. If approved, the shares will be listed under the ticker symbol “GADA.”
Cardano Price Moving Towards A Bullish Recovery
Despite such a surge in the last 24 hours, the ADA price chart analysis reflects a significant price drop from its previous highs AT around $1.20, followed by a sharp rebound after testing a key support zone.
A key support zone between $0.80 and $0.90 played a crucial role in preventing further downside.
The price dipped below this region but quickly recovered, signaling strong buying pressure at lower levels, according to GeckoTerminal data.
However, ADA remains below its 200-day Simple Moving Average (200-day SMA) at $0.9173, which could act as resistance in the short term.
The price also broke above the 50-day SMA at $0.7263, a bullish sign that suggests a potential continuation of the uptrend. If ADA can sustain above this level, further upside momentum could develop.
A major resistance level is around $1.20 (orange line), which has previously acted as a strong barrier. Before reaching this, ADA must first break through the $0.92-$1.00 zone, where the MA200 and previous structure resistance converge.
The Relative Strength Index (RSI) is at 72.90, indicating overbought conditions in the short term. This suggests ADA might experience some consolidation or slight pullback before continuing higher.
Meanwhile, the Moving Average Convergence Divergence (MACD) line is above the signal line, which is a bullish signal. Positive histogram bars indicate increasing bullish momentum. If the MACD continues upward, it could reinforce the bullish case for ADA.
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, where the 50-day MA may act as support. If this level fails, ADA could retest the $0.65 zone.
As the ADA price soars, investors are also buying a new Bitcoin alternative called BTC Bull (BTCBULL), which Alessandro De Crypto, a prominent YouTuber with over 14.4k subscribers, says could give massive gains.
BTC Bull Presale Heads For $1 Million—Next Crypto To Explode?
The BTC Bull presale is off to a roaring start, having raised over $518k in 24 hours.
The BTC Bull token is designed from the ground up as a meme-powered, community-driven token with the singular aim of riding the Bitcoin ($BTC) bull wave to $1 million and beyond.
And BTCBULL holders get to benefit from each new Bitcoin all-time high along the way when they are rewarded with real Bitcoin via airdrops.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
BTCBULL token holders can also earn passively by staking the tokens for an annual percentage yield (APY) of a huge 690%.
Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.002355 each using BNB, ETH, USDT, or a bank card. Buy before a price hike in less than 5 days to secure the best deal.
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