Cardano (ADA) has experienced a significant drop of almost 10% in the past 24 hours, trading at $0.6862. This decline occurred despite the US Securities and Exchange Commission (SEC) recognizing Grayscale's application for a Cardano exchange-traded fund (ETF). Grayscale's proposal, submitted in February 2025, aims to offer regulated exposure to ADA. Market sentiment has been positive, with approval odds reaching 64% on Polymarket. Despite the recent drop, Cardano remains ranked fourth in terms of development activity among cryptocurrencies. The Relative Strength Index (RSI) suggests ADA is approaching oversold territory, while the MACD indicator remains bearish. The next major support level for ADA is around $0.60, and to regain bullish momentum, ADA needs to reclaim the $0.75-$0.80 range.



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