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<p>The post <a href="https://coinpedia.org/news/cardano-etf-hype-heats-up-could-ada-hit-3-10-again/" rel="noopener noreferrer nofollow">Cardano ETF Hype Heats Up: Could ADA Hit $3.10 Again?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After the <a href="https://coinpedia.org/news/ethereum-etfs-launch-with-a-bang-blackrock-and-grayscale-move-millions-in-eth/" rel="noopener noreferrer nofollow">success of Bitcoin and Ethereum ETFs</a>, attention is now turning to Cardano (ADA), with rumors about a possible Cardano ETF gaining traction. Recently, Cardano Founder Charles Hoskinson sparked optimism with a tweet suggesting that a Cardano ETF might be on the horizon.&nbsp;</p>
<p>Could this new development push the Cardano (ADA) price back to its all-time high of $3.10?</p>
<h2 class="wp-block-heading" id="h-is-cardano-etf-on-the-line">Is Cardano ETF On The Line?</h2>
<p>The speculation began when Tap Tools, a tracking platform for Cardano-based tokens and NFTs, tweeted about a possible “ADA ETF up next.”</p>
<p>Charles Hoskinson’s playful response to the tweet by a GIF captioned, “Fine, I’ll do it myself” has fueled hopes within the ADA community. While the response was lighthearted, it has been interpreted as a positive sign for the potential launch of a Cardano ETF.</p>
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   <p lang="qme" dir="ltr"><a href="https://t.co/DOwmo529PG" rel="noopener noreferrer nofollow">pic.twitter.com/DOwmo529PG</a></p>— Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1815819542880477593?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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<p>The debut of <a href="https://coinpedia.org/news/ethereum-etfs-debut-with-record-1-billion-trading-volume/" rel="noopener noreferrer nofollow">Ethereum ETFs</a> has made a notable impact on the crypto landscape, providing investors with a favored way to invest in the second-largest cryptocurrency.&nbsp;</p>
<p>However introducing a Cardano ETF could open up a fresh investment path for ADA, potentially enhancing its visibility and influence in the market.</p>
<h2 class="wp-block-heading" id="h-cardano-etf-approval-could-hit-3-10">Cardano ETF Approval Could Hit $3.10</h2>
<p>If a Cardano ETF were approved, it could have a major impact on ADA’s price. It might push ADA back towards its previous peak of $3.10, which was last seen during the 2021 bull market.</p>
<p>As of now, ADA is <a href="https://markets.coinpedia.org/cardano/" rel="noopener noreferrer nofollow">trading around $0.391</a>, reflecting a recent 5.41% drop. Meanwhile, analysts suggest that this dip could present buying opportunities, particularly in the key support zone between $0.385 and $0.379.</p>
<h2 class="wp-block-heading" id="h-cardano-technical-analysis">Cardano Technical Analysis</h2>
<p><a href="https://app.intotheblock.com/coin/ADA" rel="noopener noreferrer nofollow">Data from IntoTheBlock’s</a> In/Out of the Money Around Price (IOMAP), shows that about 161,130 addresses hold 1.91 billion ADA tokens at an average price of $0.385. This support zone aligns with the price range, between $0.379 and $0.391, a crucial area for potential price reversal.</p>
<p>In a bullish scenario, if ADA prices close above $0.445, they could rally an additional 26%, potentially reaching $0.564, which is the 50% retracement level from recent highs and lows.</p>

Cardano ETF Hype Heats Up: Could ADA Hit $3.10 Again?

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