Cardano (ADA) is navigating a pivotal moment in the market, currently trading at $0.788 with a robust $27.9 billion market cap.

Cardano has long been praised as a potential rival to Ethereum (ETH), but present pricing trends suggest otherwise. ADA peaked in the current bull market at $1.32, but its price has dropped to $0. 71.

The Relative Strength Index (RSI) on the daily chart reads 38, bouncing off from its oversold level of 30 on Sunday, indicating a mild rise in bullish momentum. However, the RSI must trade above its neutral level of 50 for the bullish momentum to be sustained. Such a development would add a tailwind to the recovery rally.

Can ADA Rally 3000% to Reach $15 if the current historical trends around the coin play out again this bull cycle

ADA is currently priced at $0.9424, reflecting a 1.13% daily drop, though it remains up 5.47% over the past week. This dip in prices coincides with profit-taking and uncertainty in the broader financial markets.

NYSE Arca has filed a 19b-4 form for Grayscale's $ADA ETF, triggering a price pump on the Cardano coin that outperformed Bitcoin and all other altcoins on the Top 10 list of cryptocurrencies with the largest market cap.

The Cardano price surges 14% as Grayscale files for a spot ADA ETF, while the new BTC Bull ICO raises $536k in 24 hours.