• Cardano ETF speculation has fueled optimism with the Grayscale Cardano ETF that could boost adoption.
• $0.62 serves as a critical support zone; holding it could trigger a bullish rebound toward $1.90.
• Failure to maintain this support might push ADA back to $0.50, extending the correction.

Cardano (ADA) continues to follow a sharp downward trend, showing a sustained decline in its value. Over the past 24 hours, the token has fallen by nearly 1.42%, reflecting growing selling pressure. On a weekly scale, ADA has plunged around 8.2%, indicating a steep correction after recent highs.

At the time of writing, ADA is trading at $0.6359, with a 24-hour trading volume of $1.2 billion, representing a notable 40.17% increase compared to the previous day. The token’s market capitalization currently stands at $22.79 billion, maintaining its presence among the trending altcoins.

Source: CoinMarketCap

Grayscale’s Cardano ETF Could Drive Massive Demand

The crypto analyst, Sssebi, highlighted that Grayscale Investments is reportedly preparing to launch a Cardano-focused ETF, rumored to trade under the ticker GADA. The move could mark a major milestone for Cardano (ADA), signaling growing institutional confidence in its blockchain ecosystem. If confirmed, this ETF would give traditional investors new access to ADA, potentially boosting liquidity and market exposure.

Analysts believe such a launch could spark a wave of institutional inflows and renewed momentum for ADA’s price. Excitement is already building, with many seeing this as a prime opportunity to accumulate before the announcement becomes official. As history shows, anticipation around ETF listings often triggers powerful rallies, and Cardano may be next in line.

Also Read: Cardano (ADA) Eyes Recovery After Capital Inflows Push CMF to 3-Month Peak

Cardano Holds $0.62 Support for a Run to $1.90

Moreover, the crypto analyst, Ali, revealed that Cardano (ADA) is approaching a critical juncture, with the $0.62 level emerging as a key support zone that could define its next major move. Analysts say holding this line is essential for ADA to sustain its bullish structure and avoid a deeper correction. If buyers defend this level, momentum could build for a breakout rally targeting the $1.90 resistance zone.

Source: X

A successful rebound from the level of $0.62 may spark fresh investor sentiment, possibly propelling the price of ADA by over 200% higher than its current value. However, the failure to sustain this support level may bring bearish momentum, reverting the price towards the region of $0.50. Now, all attention stays centered on Cardano fundamentals and market sentiment, sparking the next upward leg.

Cardano Hints at Further Decline Before Its Next Big Move

This Cardano price chart reveals the token remains below the 20-week SMA at $0.76 and is heading towards the lower Bollinger Band around $0.52. The latest long lower wick red candle indicates selling, although there were some buyers who stepped in at lower prices. Generally, the trend has diminished ever since the failure to maintain the price higher than $1.00 earlier this year.

Source: TradingView

The RSI remains close to 43, suggesting weak bearish momentum and potential for additional weakness ahead of hitting oversold territory. In the meantime, the MACD has become negative, and the signal line crossed the MACD line, and this strengthens bearish momentum. Both of these imply continued softness until ADA reclaims the $0.76 resistance.

Also Read: Cardano (ADA) Price Dips Amid Key Fibonacci Level Signaling Possible Rebound