Grayscale Launches Crypto ETF Including Cardano Amid SEC Approval Hopes

Cardano (ADA) is currently holding a crucial support level, with potential for a significant rally in the coming months. Despite a recent 4% price retrace, ADA is stabilizing around $0.85-$0.90.

Key Points

ADA has traded between $0.72-$0.96 since July, peaking at $1.01 last month.
Analysts emphasize the importance of setting new higher highs to avoid a bearish head and shoulders pattern.
ADA's trend remains bullish as long as it holds above the ascending support trendline.
A breakdown could lead to a retrace to the $0.50-$0.60 support zone.
Recent breakout from descending resistance suggests a potential upside move.
Q4 seasonality might repeat ADA's historical performance, where it previously rallied 270%.

Potential Catalysts

Charles Hoskinson hints at Cardano's major impact on the market without specific details.
Grayscale launched its first multi-asset crypto ETF, including Cardano, increasing speculation about a spot ADA ETF approval.
Predictions suggest a 91% chance of SEC approving Grayscale’s Cardano ETF by October 2025.
Expectations are high for spot crypto-based ETFs approvals in Q4, potentially boosting ADA.

As of now, Cardano is trading at $0.89, marking a 1% decline over the week.

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