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.

Cardano (CRYPTO: ADA) surged double digits on Monday evening after digital asset management giant Grayscale Investments applied for the U.S.’s first-ever spot Cardano exchange-traded fund. What Happened: NYSE Arca,

The CME has not yet listed ADA futures, which is widely considered a prerequisite for gaining approval for a spot ETF

NYSE Arca has filed for a Cardano ETF on behalf of Grayscale, which already operates Bitcoin and Ethereum funds—and hopes to launch more.

NYSE Arca files for Grayscale Cardano ETF, offering ADA exposure under ticker GADA, enabling traditional stock market trading access.

Crypto investment firm Grayscale on Monday filed to list a Cardano (ADA) exchange traded fund on the New York Stock Exchange. Grayscale, which last year broke through U.S. regulators' blockade against the bitcoin ETF,

Grayscale filed paperwork with the New York Stock Exchange (NYSE) for a spot Cardano ETF, the first-ever ADA-based product that could hit US markets. The filing lands as Grayscale continues expanding its crypto offerings,