The cryptocurrency market has continued its excellent week, with Bitcoin, XRP, and Ether all recording excellent gains in the last 24 hours. Bitcoin surged to a new all-time high of $124k after adding 3% to its value, while Ether is trading above $4,700, 3% away from its all-time high. However, Cardano’s ADA has outperformed other major cryptocurrencies and could be set to rally higher in the near term. ADA rallies as Grayscale Cardano and Hedera Trust ETF entities ADA, the native coin of the Cardano blockchain, is the best performer among the top 10 cryptocurrencies by market cap. The coin added 17% to its value in the last 24 hours to hit the $1 mark for the first time in five months. The rally comes after Delaware’s official registration portal added the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF to its list of entities. Previously, these registrations preceded official S-1 filings with the SEC. This latest development comes after the SEC has acknowledged NYSE Arca’s 19b-4 form for Grayscale’s spot Cardano ETF and Nasdaq’s form for the Hedera ETF earlier this year. Bitcoin and Ethereum spot ETFs have gained massive institutional adoption since their launch a few months ago. Investors are optimistic that this could be the case for Cardano and other altcoin-focused ETFs. A spot Cardano ETF would track the price of ADA directly, allowing investors to gain exposure without holding the cryptocurrency itself. While Grayscale has not filed for SEC approval officially, the registration indicates that a formal application could be on the way soon. ADA hits $1, targets the $1.3 high The ADA/USD 4-hour chart is bullish but inefficient, indicating that the rally was an impulsive move following the Grayscale news. At press time, ADA is trading at $1.006 and could rally higher if the bullish momentum is sustained. The technical indicators show that the pair is extremely bullish as ADA has added 32% to its value in the last seven days. The Relative Strength Index of 82 shows that ADA is already in the overbought region. The MACD lines are also within the bullish region, indicating that buyers are in control. The pair is inefficient, suggesting that ADA could likely dip to grab liquidity to the downside before resuming its rally. If that happens, it could drop to the Efficient Pricing Action (EPA) level at $0.85 before taking on the next resistance level at $1.2. An extended bullish run would allow ADA to surpass the $1.3 mark for the first time since December 2024. However, the market could face a correction following its massive rally this week. If that happens, ADA could be forced to defend the first major support level at $0.83. Failure to defend this level could see ADA retest the TLQ zone at $0.7722 before embarking on another rally. The post ADA hits $1 amid spot ETF reports, targets new highs: check forecast appeared first on Invezz
