Cardano's ADA experienced an 11% increase in value after news that Grayscale Investments had applied for the first-ever spot exchange-traded fund (ETF) for ADA in the US. However, the rally was short-lived as ADA has since posted losses, currently trading at $0.76 with a 4% drop in the past 24 hours. The coin's daily trading volume has increased by 48%, indicating increased selling pressure and potential further declines if selling continues. The negative Balance of Power (BoP) confirms this selling momentum, suggesting a bearish trend. ADA's price may retest a descending trendline and if it fails, it could fall to $0.70 and potentially even further to $0.53. Conversely, improved market sentiment could lead to a rally to $0.82.



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