Cardano Price Tumbles Even As Bloomberg Analyst Says ADA ETF Approval Odds At 100%

The Cardano price tumbled over 1% in the last 24 hours to trade at $0.7887 as of 6:30 a.m. EST on trading volume that dropped 6% to $1 billion.

This comes as Bloomberg exchange-traded fund (ETF) analyst Eric Balchunas says the odds of crypto ETF approvals now stand at 100% after the Securities and Exchange Commission (SEC) asked issuers to withdraw 19b-4 filings.

The step clears the way for ETFs, including ADA, XRP, and DOGE, to advance.

The ADA price dropped on the news, with some analysts misinterpreting it as the SEC rejecting the applications.

Can the Cardano price recover and soar?

Cardano Price Struggles At Key Fibonacci Levels As Bears Test Support Zones

The ADA price has entered a corrective phase after facing rejection near the psychological $1.00 level, which also coincides with the 0 Fibonacci retracement level.

Since mid-September, the Cardano price has been trending lower, forming a series of lower highs and testing critical support zones. Currently, the price of ADA is trading around $0.79, hovering just above the 0.5 Fibonacci retracement at $0.77, which serves as a pivotal support level.

A decisive break below this could push the price of Cardano toward $0.72, the 0.618 retracement, or even further down to $0.64 if bearish momentum intensifies.

ADA has been consolidating in a descending range after failing to sustain above the $0.90 resistance, where the 0.236 Fibonacci retracement capped upside attempts. This suggests that bulls are struggling to maintain control, and sellers are increasingly testing the strength of lower support zones.

Meanwhile, the 50-day Simple Moving Average (SMA) at $0.86 is acting as overhead resistance, while the 200-day SMA at $0.73 is providing some cushion to the downside.

The Relative Strength Index (RSI) stands at 41.48, leaning into bearish territory but not yet oversold, indicating that there could still be room for additional downward pressure before buyers step in.

Given the current structure, if ADA can hold above $0.77 and rebound, a retest of $0.86 and potentially $0.90 remains possible.

However, a failure to defend support at $0.77 would open the path toward $0.72 and $0.64, levels that may attract dip buyers.

In the short term, ADA is caught between bearish momentum and crucial support zones, making the $0.77–$0.72 range the deciding battlefield for its next trend direction.