Last week, several exchange-traded funds (ETFs) for cryptocurrencies were filed by companies including Grayscale, 21Shares, and Canary. Grayscale also filed for a Cardano ETF called GADA, which resulted in a 20% increase in the price of ADA, the native token of the Cardano blockchain. However, ADA failed to maintain above a crucial resistance level at $0.8 and its price has fallen in the last three days. The Bollinger Bands indicator also signals weakness for ADA. Given the current uncertainties in the crypto market, ADA is more prone to a downfall rather than further ascent. However, market conditions can change quickly, and if positive sentiment returns, the resistance level for ADA will be tested. Overall, the movement of ADA is now being influenced by the broader crypto market, and its future trajectory is uncertain.



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