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Cardano Price Forecast: Grayscale Submits ADA ETF Application to NYSE

Feb 12, 2025
3 min read
Table of Contents
  • 1. Grayscale Files for Cardano Exchange-Traded Fund
  • 2. Cardano Technical Outlook: Signs of Recovery
  • 3. Relative Strength Index (RSI) Analysis
  • 4. Market Sentiment and Funding Rates
  • 5. Conclusion

cardano.jpg

Cardano price forecast, in a significant development for the cryptocurrency market, Grayscale Investments has filed for an exchange-traded fund (ETF) focused on Cardano (ADA) with the New York Stock Exchange (NYSE).

Cardano (ADA) has demonstrated a recovery of 6%, currently trading around $0.75 as of Tuesday. This follows a retest of its key support level the previous week. Additionally, crypto asset manager Grayscale has filed for a Cardano exchange-traded fund (ETF) with the New York Stock Exchange (NYSE), indicating potential positive developments for the cryptocurrency. Technical indicators and on-chain data suggest further recovery may be on the horizon.
 


Grayscale Files for Cardano Exchange-Traded Fund


On Monday, Grayscale submitted its application for a Cardano ETF, expanding its portfolio of crypto ETF offerings, which recently included applications for Ripple (XRP), Solana (SOL), and Litecoin (LTC) ETFs. The introduction of an ETF is generally seen as a positive sign for Cardano's long-term prospects, as it would facilitate easier access for traditional investors without the need to directly purchase and store ADA. Furthermore, ETF approval could enhance the legitimacy of Cardano and improve its liquidity in the market.
 


Cardano Technical Outlook: Signs of Recovery


Cardano's price found support near the 61.8% Fibonacci retracement level, drawn from the August 5 low of $0.27 to the December 3 high of $1.32, at around $0.67 on Sunday. Following this, the price experienced a 4.51% increase on Monday. As of Tuesday, ADA is continuing its upward trajectory, having broken above its weekly resistance at $0.74.
If ADA can maintain its momentum and close above the $0.74 resistance level, it could potentially retest its previous high of $0.98.
 


Relative Strength Index (RSI) Analysis


The Relative Strength Index (RSI) on the daily chart currently stands at 38, having bounced back from an oversold level of 30 on Sunday. This indicates a slight increase in bullish momentum. However, for this momentum to be sustainable, the RSI must rise above the neutral level of 50, which would support a more robust recovery rally.


Market Sentiment and Funding Rates


According to Coinglass’s OI-Weighted Funding Rate data, the sentiment among traders is shifting positively, with a decreasing number of traders betting on further declines in ADA's price. This index, which reflects the yields of futures contracts weighted by their open interest rates, shows that a positive funding rate (where longs pay shorts) has emerged, suggesting bullish sentiment in the market.


In fact, the funding rate for ADA increased from -0.0098% on Monday to 0.0041% on Tuesday. This positive shift indicates that longs are currently paying shorts, often a precursor to upward price movement.
 


Conclusion


In summary, Cardano's recent recovery and the filing for an ETF by Grayscale could signal a positive turning point for the cryptocurrency. Technical indicators, such as the Fibonacci retracement levels and RSI, point to the potential for further gains. As market sentiment improves, ADA may be well-positioned for continued upward momentum. Investors should keep an eye on these developments as they unfold.

 


Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Frances Wang
Written by
Frances Wang
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Table of Contents
  • 1. Grayscale Files for Cardano Exchange-Traded Fund
  • 2. Cardano Technical Outlook: Signs of Recovery
  • 3. Relative Strength Index (RSI) Analysis
  • 4. Market Sentiment and Funding Rates
  • 5. Conclusion

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