- Cardano’s golden cross ignites bullish hopes amidst recent market volatility.
- Grayscale’s new ETF boosts Cardano’s institutional appeal and investor confidence.
- ADA’s rebound sparks optimism as it tests key support levels.
Cardano (ADA), the 10th largest cryptocurrency, has stunned the market by forming a golden cross on its hourly chart. This unexpected bullish signal, which occurs when the 50-period moving average crosses above the 200-period moving average, has raised hopes among investors despite recent market turbulence. The golden cross was only days after a bearish death cross had been recorded on the chart, after a massive decline in value to a high of $0.9543 on September 13. On September 15, Cardano collapsed to a price of $0.8531, but the coin recovered fast to hit a cost of $0.938 on September 18.
The golden cross has come at a rather unexpected time since volatility has been witnessed in the recent past. Although the market is still going through challenges, the recovery of Cardano has been driven by the Federal Reserve declaring the first reduction in the interest rate this year. Although this is a positive technical outlook, the Cardano price has decreased in the past 24 hours by 1.57%, with the currency standing at $0.90. Nonetheless, the coin is up 1.48% on a weekly basis, meaning the market is still positive.
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Cardano is now testing a critical level—the hourly 200-period moving average at $0.896. If ADA fails to maintain this level, it could face a sharp drop to significant support at $0.845. Conversely, if the coin manages to keep the line and resume its upward trend, it may seek to find the resistance at the levels of 0.954 and 0.963, followed by the next significant point of 1. The golden cross and death cross have been sending mixed signals, and the traders do not know what the coin will do next. It is one of the main assets that will be monitored in the next few days.
Source: Tradingview
Grayscale’s Game-Changing ETF Launch Adds Fuel to Cardano’s Rise
In another significant development, Grayscale has made waves by launching its first-ever multi-token exchange-traded product (ETP) in the U.S., the Grayscale CoinDesk Crypto 5 ETF. This fund is composed of Cardano, Bitcoin, Ethereum, Solana, and XRP, among other cryptocurrencies, to expose a user to the five largest and liquid assets. The launch is a significant milestone for Cardano and the crypto market in general since these cryptocurrencies constitute more than 90% of the total market capitalization.
According to Polymarket the likelihood of Cardano’s ETF approval in 2025 has surged to 90%. This announcement has also strengthened investors’ confidence, making Cardano a major force in the institutional investment arena. If the ETF is listed, it would increase Cardano’s exposure to institutional investors quite considerably and may lead to further expansion.
All these bullish technical signals and increased institutional attention place Cardano in a position of potential gains, yet the future is still unknown as the market still adjusts to the changing economic conditions.
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