ADA Clears Resistance Zone Following Grayscale ETF

ADA Surges

Cardano’s native token, ADA, surged past the $0.720 and $0.750 levels, trading above $0.750 and the 100-hour simple moving average. A break above a key bearish trend line with resistance at $0.770 on the hourly chart was seen.

Currently, the price is now eyeing the $0.80 resistance zone, and a clear break could lead to further gains, potentially reaching $0.850 or even $0.90. After reaching a high of $0.8286, ADA corrected and tested $0.7620, but has since moved above $0.780 and the 50% Fib retracement level from the correction.

Key Support Levels

If the price fails to break $0.80, it could experience a steady decline, with immediate support near $0.7750 and stronger support at $0.7620. A drop below that could see the price testing $0.750, with further support near $0.720.

Last week saw the filing of various crypto ETFs from Grayscale, 21Shares, Canary, and others. One of the most important filings was that of GADA, a Cardano ETF from Grayscale.