• Cardano shines as Canary Capital files an American-made crypto ETF, emphasizing its U.S. ties and proof-of-stake innovation.
• RSI at 51.51 shows a neutral-to-bullish trend, while MACD momentum favors buyers, suggesting a potential price lift.
• DA holds steady above $0.63 support, with resistance at $0.90–$1.00; a breakout above $1.00 could pave the way to $1.20.

Cardano (ADA) is showing potential for upward momentum and is reflecting an increment in its value, in line with the entire crypto market. The ADA price over the last 24 hours is up by 2.62% and over the last week it is also up by 1.53%.

At the time of writing, ADA is trading at $0.8627 with a 24-hour trading volume of $1.27 billion, down by 25.1% over the last hours. The coin has a market capitalization of $30.82 billion, which is up by 2.62%.

The general market trend is turning from a bearish to a bullish phase and started its recovery with a growing investor sentiment across the crypto space. This movement has impacted the overall market, including altcoins like ADA.

Cardano Gains Focus in U.S. Crypto ETF Proposal

A prominent crypto analyst, Cardanians (CRDN), highlighted that Canary Capital has filed for an American-made spot cryptocurrency exchange-traded fund (ETF) with a curious theme: it would track an American-made digital assets index. Although the actual basket has not been made public. 

Cardano (ADA) is cited as an example of proof-of-stake, with its connection with the state of Colorado’s Input Output Global and its research partnerships with American universities as making it a blockchain of local origins in spite of its global reach.

The fund seems to divert the ETF race from broad products with emphasis on Bitcoin and Ethereum. Through emphasis on projects with United States connections, Canary Capital can secure approval from risk-averse foreign regulators and from fund managers seeking an American digital currency narrative. 

The American-Made Crypto ETF would get approval and potentially clear the way for more territorially focused crypto funds and further intertwine Wall Street and blockchain innovation.

Cardano (ADA) Builds Strength Toward $1.20 Resistance

Cardano (ADA) is showing signs of consolidation with a potential upside move on the horizon. The Relative Strength Index (RSI) is at 51.51, which means there is a neutral spot with a slight bullish inclination, and the MACD is at the line at 0.02357 with the signal line at 0.03206, which indicates momentum building on the buyers’ side. These are signs that ADA could break out of its confined space soon if buying pressure strengthens.

Also Read | Cardano Price Prediction: Will ADA Break $1.27 or Fall Back to Range Lows?

ADA is holding above a strong support of $0.63. The first resistance level lies between $0.90 and $1.00, which bulls are eagerly observing as the primary breakout level. A close above $1.00 may take Cardano to the next stop of $1.20, which may confirm a broader bullish trend reversal if sustained.

Cardano Derivatives Show Stable Market Outlook

Derivatives data indicates a mixed and stable market outlook. Volume has decreased by 24.98%, remaining at $3.02 billion, showing that there has been a slowdown following recent days of activity. Open interest (OI) has increased 0.32% to $1.67 billion, showing that leveraged traders have maintained positions.

Currently, the OI-weighted funding rate of 0.0109% indicates that futures traders are balanced and mildly bullish. Previously, the pairing of constructive funding rates and expanding open interest has gone with higher price movements.

Also Read | Cardano Surpasses Ethereum in Development as ADA Targets $2.47