- Cardano has risen over 13%, trading around the $0.80 mark.
- The daily trading volume of ADA surged by over 70% to $1.33 billion.
Cardano (ADA) has registered a 13.66% daily surge. The latest price resurgence follows the crypto asset manager, Grayscale’s spot Cardano exchange-traded fund (ETF) application on the New York Stock Exchange (NYSE). This could have sent a buzz across the ADA community.
Notably, Bloomberg ETF Analysts James Seyffart and Eric Balchunas predict that the Securities and Exchange Commission (SEC) will approve ETFs for Litecoin, Dogecoin, Solana, and XRP. Although Cardano left unmentioned.
In the early hours, ADA visited its lowest trading level at $0.6947 and eventually mounted to the daily high of $0.8159. It has broken the crucial resistances at $0.7491 and $0.7934. As of the press time, Cardano trades at $0.8012, with its daily trading volume reaching $1.33 billion.
Meanwhile, the market has witnessed a $3.70 million ADA liquidation during the period. Despite this recovery, ADA’s momentum appears to be uncertain, with technical indicators exhibiting mixed signals.
Cardano’s four-hour candlestick analysis exhibits the active downside correction. Assuming the selling pressure intensifies, the immediate support could be tested at $0.7483. Losing ground at this level might trigger more downside, plummeting toward $0.68 or even lower.
Contrarily, a reversal could form a golden cross to push the price upside. In such a case, Cardano might likely test the $0.8673 resistance. An extended gain of ADA can drive the price to reclaim the $1 mark in the upcoming days.
The Moving Average Convergence Divergence (MACD) line and signal line of ADA are found below the zero line. It indicates a bearish crossover and traders often consider this as a sell signal within the market.
Moreover, the Chaikin Money Flow (CMF) indicator at 0.26 suggests a positive flow with buyers in control of the market. Significantly, the daily trading volume of Cardano has increased by over 70.52%.
ADA’s Bull Bear Power (BBP) value at -0.032 signals brief bearish pressure with sellers having a marginal edge over buyers. Besides, the daily relative strength index (RSI) of 44.08 points out the asset is in a neutral to slightly bearish zone.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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