Cardano’s Price Hinges on SEC Decision Amid ETF Hopes
Cardano’s (ADA) price is hovering around $0.773 this week. This is a slight betterment from its recent low of $0.508 this month. However, it’s still 50% below its high point for this year.
There’s growing optimism about Cardano’s future.Traders on Polymarket now put a 71% chance on the SEC approving a spot ADA ETF. This hope peaks ahead of the May 29 deadline for the Grayscale Cardano ETF. Despite this, a delay in the SEC’s decision seems more likely.
But Cardano isn’t without its challenges. Its ecosystem is underperforming compared to other blockchain networks. It hosts just 48 DeFi apps,with a total value locked at $443 million and $31 million in stablecoins.
- Unichain,a newer player,has 27 apps,$568 million in assets,and $221 million in stablecoins.
- Sonic, after its relaunch, boasts 126 apps and over $1.63 billion in assets.
Cardano pins its growth hopes on integrating BitcoinOS for Bitcoin staking. However, similar technology already exists with Babylon Protocol and Lombard Finance.
Technically, ADA might see a bullish breakout. It’s forming a megaphone pattern on weekly charts, hinting at a potential rise. If it breaks above the 100-week moving average, ADA coudl reach last year’s high of $1.307. This is about 73% above its current price.
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