Cardano's ADA surges 1.2% to $0.7703 on bullish indicators and ETF approval hopes

Cardano's native token, ADA, has experienced a notable surge, with its price increasing by 1.2% to reach $0.7703. This upward movement is underpinned by bullish technical indicators, as the price is currently above both the 50-day and 200-day golden crosses. This technical setup suggests a strong bullish momentum for ADA.

The optimism surrounding Cardano's price is further fueled by the impending decision on Grayscale's ADA ETF approval, scheduled for May 29, 2025. The likelihood of approval has reached an all-time high, which has significantly boosted market sentiment. This optimism is also supported by Grayscale's recent increase in Cardano holdings, reaching 70%, indicating a growing institutional interest in the cryptocurrency.

Analysts are closely monitoring the daily chart, where ADA's price is poised for a significant rally if it can surpass the previous swing high resistance at $0.84. The current bullish momentum, coupled with the upcoming ETF approval decision, suggests that ADA's price could potentially break through the $1 mark in the short term. Some analysts predict that ADA could reach as high as $1.10 to $1.32 in the near future, with the potential for even greater gains in the long term.

The recent video by Cardano co-founder Charles Hoskinson, discussing the potential for moving assets from Bitcoin's mainnet to Cardano's mainnet, has added to the positive sentiment. This development highlights the strengthening ecosystem of Cardano and its potential for broader adoption. The overall market sentiment remains bullish, with many participants expecting Cardano to reach new heights in the coming months.