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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.
[…] in the past week as bulls hold strong in anticipation of ETFs’ approval. However, amid rising odds of ETF approval, Cardano bears could be taking charge as bulls get exhausted at the $0.70 zone. As of this writing, […]