The Cardano native token ADA price is rising today and saw a 1.2% intraday growth. The price of ADA is exchanging hands at $0.7703 above the 50-day and 200-day golden crosses.
The optimism for the rise is due to the rising odds that a Cardano ETF has hit an all-time high. This rise is ahead of the Grayscale’s ADA ETF SEC upcoming approval deadline, which is on May 29th, 2025.
If it’s a yes, a new story of its adoption at large will begin for Cardano, and its price will skyrocket. Also, the recent video of Co-founder Charles Hoskinson saying that they are planning to showcase things moving from Bitcoin’s mainnet to Cardano’s mainnet is an optimistic development that shows its strengthening ecosystem. Keep reading to know more.
Is A Break Above $1 Imminent With SEC Approving GrayScale’s ADA ETF Filing?
On the daily chart, the ADA price is poised for a spectacular rally only if it manages to clear its $0.84 previous swing high resistance. Meanwhile, an analyst in his short-term view also highlighted his optimistic views, that in a day or two, he is expecting a previous swing high to be retested or a possible breakout of a symmetrical triangle.
On the daily chart, at the time of writing, the price rising above the golden cross between the 50-day and 200-day EMA bands is itself a strong bullish sign. Since in two days a major SEC approval on Grayscale ETF filing is due, it seems ADA price is preparing for its due time to smash the resistance level and soar to $1.10 to $1.32 in the short term and beyond this aim for new heights in the long term, or could enter price discovery mode.
The current rally seen in Q2 so far could only be a trailer or a stepping stone for a much larger rally, if all bullish factors align well. Also, the RSI is above a median line at 54.12, which shows that strength is revitalizing, with the curve moving above the 14 SMA-based smoothing line.
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