- summary:
- The price of Cardano rose sharply against the news of the ETF application by Grayscale. But can you maintain momentum?
The price of Cardano rose sharply on Tuesday, as it rose by 11 % at the time of writing this report to $ 0.795. The comfort of the currency under the brand of $ 1 embodies its last decline since mid -January. This momentum witnessed ADA prices by 19 % last month. Moreover, although today’s gain, SMA for the 20-day currency is still less than 50-SMA, confirming the strong downtown.
More than ETF momentum?
The bullish momentum is attributed to the price of Cardano to the introduction of ETF by Grayscale. NYSE Arca presented the ETF application on behalf of my gray, indicating an increase in institutional interest in the currency. After the deposit, ADA was among the five best encodes in the past 24 hours, according to the Santiment Analysis website.
In addition, the high price of Cardano was accompanied by a significant increase in its circulating size. The size of the coins increased in the 24 hours that preceded this writing by 93.4 %. High volume in times of high price indicates strong upward momentum. The continuation of this trend can help in the Cardano Price violation of the psychological resistance at $ 0.800.
Elsewhere, Coinancyze indicates that Cardano’s open benefits have risen by 9.1 % to $ 364 million in the past 24 hours. This indicates an increase in the investor’s confidence in the performance of the currency in the coming days, and feelings will provide support for the ADA price.
Cardano prediction
Price Price indicates $ 0.752 and the procedure above this level is controlled by buyers. The currency is likely to meet the first resistance at $ 0.800. Above this level, the momentum can be strengthened and the price is likely to take a higher test of $ 0.830.
Instead, moving down the axial sign will turn the momentum into the negative side. With sellers control, Ada is likely to move to the first support at $ 0.725. The collapse under this level will nullify the bullish direction. Also, the control by sellers can test the second support at $ 0.684.
