ADA price is currently at $0.7703, reflecting a 1.2% intraday increase.

The Cardano price is above the 50-day and 200-day golden crosses, indicating bullish momentum.

The price of Cardano (ADA) is up 1.2% in the past 24 hours, trading at $0.7703 at the last check.

What Happened: The native token of Cardano is trading above the 50-day and 200-day golden crosses, a strong bullish indicator.

The optimism in the market stems from the fact that the odds of an ADA ETF hit an all-time high. This rise comes ahead of the Grayscale’s ADA ETF SEC 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.

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.

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.

Related Link: Stellar Lumens Price Analysis: Luminous Potential As Grayscale Hopes For A Final Ruling On May 29

Why It Matters: The price movements of cryptocurrencies can be influenced by a variety of factors, including macroeconomic trends, regulatory changes, and market sentiment.

In recent months, there has been a growing interest in cryptocurrencies, particularly Bitcoin and Ethereum. This interest has helped to drive up prices and increase the volume of trading activity.

However, the market has also become more volatile, as evidenced by the recent price declines. This volatility is likely to continue in the coming months, as investors adjust their portfolios and traders react to new developments.

Despite the recent price declines, there are still a number of bullish factors that could help to drive up the prices of cryptocurrencies in the long term.

These factors include the increasing adoption of cryptocurrencies by major institutions, the development of new use cases for cryptocurrencies, and the potential for cryptocurrencies to serve as a hedge against inflation.

If these bullish factors materialize, then it is possible that we could see the prices of cryptocurrencies rise significantly in the coming years.

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