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Cardano (ADA) is getting stronger as analysts speculate about a possible ETF approval.
Cardano (ADA) has strengthened since Bloomberg ETF analysts updated their predictions. They have raised the chances of ADA getting approved for a spot ETF. Originally thought to have a 20% chance of success, Cardano’s new projection is now 75%.
This change follows reports that Grayscale has increased its ADA holdings, which shows growing confidence from institutional investors.
Investors are showing heightened confidence in Cardano’s long-term growth. Several banks in Switzerland are allowing their clients to buy and sell ADA. The token is also part of many ETF applications and is already traded through exchange-traded products (ETPs) in European markets.
Market-wise, Cardano (ADA) is up 12% this week, recently breaking the $0.70 level. While momentum indicators such as BBTrend (7.55) and ADX (17.14) suggest a cooling phase, the token is currently testing support at $0.7.
A breakdown could see pullbacks to $0.63 or $0.609, while a breakout above $0.746 may open the door to a rally toward $0.88. The alignment of fundamental and technical signals increases ADA’s chances of getting ETF approval and wider utility.
