Cardano Price Prediction for February 22: Grayscale’s ETF Filing Fuels ADA Price Outlook
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- ADA soared above $0.8 after Grayscale filed for spot ETF GADA
- ADA is currently retesting the 20-day EMA at the $0.80 price level
- Analyst claims that ADA is forming patterns similar to the 2021 bull run
Leading digital asset manager Grayscale has filed for a Cardano (ADA) exchange-traded fund (ETF) under the ticker “GADA.”
Now the big question is, once the SEC approves this investment product; yes, US investors gain more exposure to ADA, but will it be the trigger for a positive ADA price move.
Coinbase Named Custodian for Proposed Cardano ETF
Key details of the filing show that Coinbase Custody Trust Company has been named as the custodian for the product. Additionally, it’s noted that BNY Mellon Asset Servicing would be the administrator.
Some analysts speculate that the proposed ETF could push the cryptocurrency price above $1 resistance soon. However, taking a realistic view, ADA is testing the 20-day Exponential Moving Average (EMA) at the $0.8 price level.
ADA Price Surges 20% on ETF News, But Momentum Falters
Data from CoinMarketCap shows ADA hit a daily high of $0.8104, but importantly, it failed to hold above the 20-day EMA.
The…
The post Cardano Price Prediction for February 22: Grayscale’s ETF Filing Fuels ADA Price Outlook appeared first on Coin Edition.
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