Cardano price forecast: ADA recovery holds steady despite SEC halt on Grayscale GDLC approval

Cardano (ADA) is holding steady at 0.58 USD as of Thursday. It rebounded nearly 8% yesterday, despite regulatory uncertainties from the SEC’s hold on Grayscale’s GDLC fund approval.

Market indicators reflect bullish sentiment for ADA. The long-to-short ratio for ADA is at 1.10, indicating positive trader sentiment. Open interest surged by 7.04%, reaching 861.53 million USD.

ADA is trading within a falling wedge pattern. A breakout above the 0.58 USD resistance could drive prices towards 0.73 USD, while the RSI and MACD indicators signal positive momentum.