Digital asset manager Grayscale has filed for a Cardano (ADA) exchange-traded fund (ETF) called GADA. The filing reveals that Coinbase Custody Trust Company will be the custodian and BNY Mellon Asset Servicing will be the administrator of the product. Some analysts believe that if the ETF is approved by the SEC, it could push ADA's price above the $1 resistance level. However, ADA is currently testing the 20-day Exponential Moving Average (EMA) at $0.8. The news of the ETF filing caused a 20% surge in ADA's price, but it quickly fell below $0.80. Crypto analyst 'Chris O' suggests that ADA is in a "liquidity base" phase before the next major price move. Bullish scenarios include a breakout above $0.8 and resistance levels at $1 and $1.50. The MACD indicator shows that the bulls are in control.



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