Cardano ETF approval odds at 60% – Will ADA see a major breakout?
The post Cardano ETF approval odds at 60% – Will ADA see a major breakout? appeared on BitcoinEthereumNews.com.
Journalist Posted: February 16, 2025 Cardano’s future looks bullish as institutional interest rises, pointing to a huge capital inflow. Analyst predicted ADA’s potential price breakout based on historical patterns and recent developments. Cardano [ADA] has caught the attention of investors following the announcement of Grayscale’s file for Cardano Spot ETF on the 11th of February. As of this writing, ADA was trading at $0.7990 with its trading volume rising by 3.6% in the last 24 hours and 12% in the previous week, according to CoinMarketCap. Whale accumulation & Spot ETF interest Grayscale has recently filed for Cardano ETF, with the NYSE showing a rising interest in institutions, suggesting that Cardano could anticipate billions in liquidity inflow in the next few months. Bloomberg reported that Cardano ETFs now have a 60% odd of being approved, while investors eye the 27th of March as the first deadline for SEC approval, denial, or extension. Following Cardano’s price drop in December last year, large-scale investors have slowly accumulated ADA despite price consolidation, hoping to see history repeat itself. Technical analysis & historical pattern Looking at the daily chart, Cardano has been on a bullish momentum over the past week by making higher highs, suggesting the formation of an uptrend. The current price action resembles the altcoin’s 2019-2020 accumulation phase before the 2021 bull run. TapTools shared this analysis on X (formerly Twitter), suggesting that the accumulation period of ADA since 2022 was similar to the previous bull run on the weekly chart. Source: TapTools/X Cardano has been trading in the upper range of this accumulation zone, signalling a potential breakout towards the $1 key psychological level. A look into on-chain insights Cardano’s RSI has risen from 44 to 55, based on CryptoWaves data, indicating that traders were actively buying ADA and that the altcoin…
Filed under: News - @ February 16, 2025 8:11 am