Cardano (ADA) price stabilized near $0.58 on Thursday, following an 8% rebound the previous day. Despite renewed regulatory uncertainty—triggered by the SEC’s halt on Grayscale’s GDLC fund approval—derivatives data reveals growing optimism among traders, with bullish ADA bets reaching a one-month high.
SEC Pauses Grayscale GDLC Approval for Review
The US Securities and Exchange Commission (SEC) announced a review of Grayscale’s Digital Large Cap (GDLC) fund just one day after initial approval. The fund, which holds Bitcoin (79.9%), Ethereum (11.32%), XRP (4.99%), Solana (3.01%), and Cardano (0.78%), manages $774 million in assets.
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Key details:
- SEC cited Rule 431 for the review, staying the July 1, 2025 approval order.
- The decision follows Grayscale’s proposal to convert GDLC into a spot ETF.
Despite the pause, major cryptocurrencies remained resilient, buoyed by positive sentiment from US-Vietnam trade deal developments.
Bullish Signals in Cardano Derivatives Data
Derivatives metrics indicate strong trader confidence:
| Metric | Value | Implication |
|----------------------|-----------------|--------------------------------------|
| Long-to-Short Ratio | 1.10 (1-month high) | More traders are betting on price growth. |
| Open Interest (OI) | $861.53M (+7.04%) | Rising OI reflects increased buying activity. |
Technical indicators support upside potential:
- RSI (45): Trending upward, signaling weakening bearish momentum.
- MACD: Bullish crossover with rising histogram bars.
ADA Price Analysis: Breakout Potential
Cardano’s price trades within a falling wedge pattern, a bullish reversal signal. Key levels:
- Resistance: $0.58** (daily level). Breakout could target **$0.73 (June 11 high).
- Support: $0.49 if correction occurs.
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FAQs
1. Why did the SEC halt Grayscale’s GDLC approval?
The SEC invoked Rule 431 for further review, pausing the initial approval temporarily.
2. What does ADA’s long-to-short ratio indicate?
A ratio above 1.0 (currently 1.10) shows more traders are betting on price increases.
3. What’s next for Cardano’s price?
A breakout above $0.58** could propel ADA toward **$0.73, while failure may test $0.49.
Disclaimer: This content contains forward-looking statements. Cryptocurrency investments involve risks. Conduct independent research before making decisions. The author holds no positions in mentioned assets.
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