๐ฐ “Grayscale Investments’ ADA ETF Filing: ADA Soars 11%…and Then Plummets!” ๐ฐ
Cardanoโs ADA experienced an 11% intraday rally on Tuesday after Grayscale Investments announced its filing for the first-ever spot ADA exchange-traded fund (ETF) in the US. But, alas, what goes up must come down. ADA is now trading at $0.76, a 4% loss since its peak.
๐ “ADA ETF Hopes Drive Gains, but There Is a Catch” ๐
On February 10, Grayscale Investments filed its application for the first-ever spot ADA ETF in the US. ADA jumped 11% on Tuesday, reaching a high of $0.82. But as the ETF hype fizzled, ADA started shedding its gains. Trading at $0.76, the ninth-largest cryptocurrency by market value has seen a 4% drop in the past 24 hours.
But don’t be too quick to write off ADA. Its daily trading volume has rallied amid this value decline, totaling $1.44 billionโa 48% increase over the past 24 hours. When an asset’s price drops while trading volume spikes, it often means increased selling pressure. Translation: more traders are ditching their holdings, which could lead to further declines if selling persists.
๐ “ADA Price Prediction: Will It Hold or Fall Back to $0.53?” ๐
ADAโs double-digit surge on Tuesday pushed its price above a long-standing descending trendline. But a retest of this breakout level might fail, with selloffs gaining momentum. If that happens, ADA could fall to $0.70. And if that level fails to hold, the coin might extend its decline toward $0.53โa price not seen since February 3.
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2025-02-12 13:23