- Cardano ETF speculation led to mixed reactions, with ADA’s price declining by 5%.
- Historical data and the upcoming Chang Hard Fork spark optimism for ADA’s future gains.
Just two days following the approval for trading spot Ethereum [ETH] ETFs, Cardano [ADA] ETF has emerged as a topic of growing interest.
Cardano ETF next in line?
The excitement was ignited by a recent post on X by Tap Tools, a platform dedicated to tracking tokens, NFTs, and wallets on the Cardano blockchain.
This post posed a provocative question, sparking speculation and discussions within the crypto community about the potential implications for ADA in light of recent regulatory developments. It asked,
“Is an $ADA ETF up next?”
Hoskinson’s response
In response, Cardano founder Charles Hoskinson replied with a GIF featuring a superhero, along with the caption which read,
“Fine, I’ll do it myself.”
Hoskinson’s direct involvement in the conversation further ignited speculations within the ADA community.
Contrary to expectations of widespread excitement, some were disappointed. Highlighting this sentiment, an X user with the handle Batman remarked,
“We don’t want a Cardano ETF.”
Impact on ADA’s price
ADA’s price also failed to respond positively to the news, declining by over 5% in the past 24 hours, according to CoinMarketCap.
This trend was further confirmed by the Relative Strength Index (RSI), which remained below the neutral threshold at 44, signaling a bearish sentiment.
Source: TradingView
Additionally, the Bollinger Bands converging suggested reduced volatility, indicating that the current bearish trend may persist.
However, AMBCrypto’s analysis of IntoTheBlock data revealed a balanced sentiment in the ADA market, with no clear dominance of bulls or bears.
Source: IntoTheBlock
Chang Hard Fork update to shift price dynamics?
Amidst the latest developments, anticipation is building around the upcoming Chang Hard Fork, which is expected to drive ADA’s value upward.
Historical data further supports this optimism as during the previous Alonzo Hard Fork in August 2021, ADA surged by 130%, climbing from $1.35 to $3.10.
Henceforth, the community is hopeful that similar gains could be seen now as well with the Chang upgrade followed by the potential introduction of an ADA ETF.
That being said, Ripple CEO Brad Garlinghouse had already predicted a Cardano ETF back when he commented,
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.”