- Cardano’s price growth slowed after peaking at $0.891, with the SEC’s ETF delay triggering a decline in short-term investor confidence.
- Technical indicators remain favorable, with RSI at 49.64 and Bollinger Bands signaling potential for further upward price movement.
- NEAR Protocol’s partnership with Cardano boosts cross-chain capabilities, offering long-term optimism despite regulatory challenges facing the ecosystem.
Cardano’s price recorded over 8% growth in the past week before losing momentum below the $1 mark. The digital asset is trading at $0.8460, down 1.43 percent in the past 24 hours, after slipping from a weekly high of $0.891. Despite the setback, Cardano’s trading volume climbed 4.55 percent to $1.4 billion, signaling continued investor activity.
Technical indicators suggest that Cardano still has room for growth. The upper Bollinger Band stands at $0.8739, placing it within striking distance of the $0.90 range. The Relative Strength Index is at 49.64, a neutral reading, leaving space for additional buying pressure if investors continue to hold their positions.
Market Reaction and Investor Sentiment
Market sentiment shifted after the U.S. Securities and Exchange Commission postponed a decision on Grayscale’s Cardano exchange-traded fund until October 26. The delay impacted investor confidence, leading to a decline in prediction market odds for approval, which dropped sharply from 95 percent to 8%. This development contributed to a slowdown in accumulation among large holders, curbing the momentum built in previous sessions.
While uncertainty remains, analysts note that a favorable decision could act as a catalyst, potentially driving Cardano past the psychological $1 resistance level. Institutional interest is expected to strengthen if the ETF receives regulatory approval, adding another layer of support for the asset.
Long-Term Optimism From Partnerships
Beyond immediate price fluctuations, Cardano continues to build optimism through ecosystem developments. Recently, NEAR Protocol partnered with Cardano to advance cross-chain functionality. The collaboration aims to simplify user experience in blockchain transactions, allowing smoother interaction across networks.
This partnership reflects growing integration efforts within the digital asset space and strengthens Cardano’s long-term positioning. Combined with consistent trading activity, these developments underscore sustained interest in the network despite short-term pressures from regulatory delays.
