Cardano ADA News: Price Drops as ETF Hype Fades, Trading Volume Increases

ADA, the native currency of the Cardano blockchain, has recently experienced a price decline as the excitement around a potential Cardano ETF starts to wane. However, despite the drop, trading volume has surged.

ADA Price Drops as Cardano ETF Hype Fades

ADA, the native token of the Cardano blockchain, has reversed its gains as the hype surrounding a potential Cardano ETF fades. The coin, which had rallied to a high of $0.82 on Tuesday following Grayscale Investments' application for a Cardano ETF in the US, has since shed 4% of its value, trading at $0.76 at press time. Despite the price drop, ADA's daily trading volume has increased by 48% over the past 24 hours, totaling $1.44 billion.

Cardano (ADA) ETF Hype and Market Performance

Cardano (ADA) has recently surged by 11%, outperforming most cryptocurrencies in a retracting market. Institutional interest in ADA is rising, signaled by Grayscale's ETF filing, indicating increased market validation. However, the coin faces key resistance at $0.82-$0.85, and market sentiment is divided. Will Cardano maintain its bullish momentum, or will external market forces hold it back? The ETF filing suggests growing institutional interest in ADA as an investment asset.

Cardano (ADA) Price Prediction and Analysis for February 12

As of February 12, 2025, Cardano (ADA) is trading at $0.79, with a narrow trading range indicating market equilibrium. The 50-day moving average (MA) aligns closely with the current trading price, while the 200-day MA is slightly lower. ADA trading NEAR these key averages is seen as a bullish sign. The token is currently trading just above its 200-day MA, suggesting potential upward momentum.

Grayscale Files for Cardano ETF, Boosting Confidence in ADA's Valuation

Grayscale has filed for a Cardano exchange-traded fund (ETF) with the New York Stock Exchange, boosting confidence in the cryptocurrency. Analysts are eyeing targets of over $3 for ADA's valuation if the ETF is approved. Additionally, whales have accumulated 1.4 billion ADA since November 2023, reducing supply and potentially contributing to a significant price increase.