Cardano’s (ADA) price has increased by over 10% on the weekly chart, even as the broader market experiences a correction. While most coins saw unexpected price surges last week, ADA stood out with a notable price surge over five consecutive days. ADA’s price spiked above $0.30, marking a 20% increase on the previous week. Despite the market correction, ADA still retains a 10.57% price increase. The recent price elevation seems more connected to external factors rather than development events on the Cardano network. The increasing institutional interest in Bitcoin has coincided with ADA’s price trajectory, with news of BlackRock’s BTC ETF application generating buzz in the market. Observers perceive ADA’s recent rally as part of the broader market dynamics. However, ADA’s price has tumbled 2.74% and now trades at $0.288. The token’s trading volume has declined, and it is currently trading below the 50-day and 200-day Simple Moving Averages, indicating a bearish trend. The approval of a BTC ETF by the SEC could potentially impact ADA’s price and investor optimism, as it would boost Bitcoin’s legitimacy and attract more institutional investors.
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