Cardano (ADA) Price Prediction: Grayscale GDLC Under Review, ADA derivation bullish bets hit a new monthly high.

ADA price remains stable at $0.58, GrayScale GDLC faces SEC scrutiny after approval Cardano (ADA) price stabilized around $0.58 during the Asian early trading session on Thursday (July 3) after experiencing nearly an 8% rebound the previous day. This recovery comes at a time when cryptocurrency regulatory uncertainty has reignited: the U.S. Securities and Exchange Commission (SEC) announced a suspension of its approval decisions for further review just one day after approving Grayscale (Grayscale) Digital Large Cap Fund (GDLC).

The U.S. SEC released a letter on Wednesday notifying: "In accordance with Commission Rule 431... the Commission will review this authorization action. Pursuant to Rule 431(e), the approval order dated July 1, 2025, is suspended until the Commission orders otherwise." The agency stated that it will inform the New York Stock Exchange (NYSE) of "any relevant actions taken by the Commission."

The Grayscale GDLC proposal aims to transform it into a spot ETF, holding five major cryptocurrencies including Bitcoin (BTC, 79.90%), Ethereum (ETH, 11.32%), Ripple (XRP, 4.99%), Solana (SOL, 3.01%), and Cardano (ADA, 0.78%), with a managed asset scale of nearly 774 million dollars.

Trump's trade agreement benefits offset regulatory clouds, ADA leads the rise Despite the regulatory uncertainties surrounding cryptocurrency ETFs, the major cryptocurrencies performed strongly on Wednesday, buoyed by positive market sentiment following U.S. President Trump's announcement of a new trade agreement with Vietnam. Cardano led the gains that day, rising nearly 8%, and stabilized around $0.58 in Thursday's Asian early trading.

ADA Derivatives Data Reveals Strong Bullish Sentiment Cardano's on-chain data and derivatives market indicators show that traders remain optimistic:

• Bullish Dominance: Coinglass data shows that on Thursday, the long/short ratio for ADA reached 1.10, a new high in over a month. A ratio greater than 1 indicates that traders are making bullish bets, expecting the price of ADA to rise.
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• • (Cardano Long/Short Ratio Chart. Source: Coinglass) *
• Open Interest Soars: The unsettled contracts (OI) for ADA have surged 7.04% in the past 24 hours, reaching $861.53 million. The spike in open interest is primarily driven by increased buying activity, reflecting heightened optimism surrounding Cardano.

ADA Technical Analysis: Descending Wedge Preparing for Breakout, Key Resistance at 0.58 USD The price of Cardano is currently trading within a descending wedge pattern, which is formed by two trend lines connecting multiple highs and lows.

• Breakthrough Signal: ADA rebounded strongly by nearly 8% on Wednesday and is approaching its key daily resistance level of $0.58 on Thursday. If it can effectively break through this resistance, it is expected to continue its upward momentum and challenge the upper trend line of the descending wedge.
• Upside Target: A successful breakout from the wedge pattern will open the door for further gains towards the June 11 high of $0.73.
• Technical indicators strengthen:

  • RSI Indicator: Daily Relative Strength Index (RSI) is currently at 45 and pointing upwards towards the neutral level of 50, indicating that bearish momentum is weakening. To maintain bullish momentum, the RSI needs to effectively break above 50.

  • MACD Indicator: Daily Moving Average Convergence Divergence (MACD) indicator formed a bullish crossover last Sunday, and the histogram continues to rise above the zero axis, confirming bullish momentum and an upward trend.

    

• Downside Risk: If ADA experiences a pullback, the price may drop towards the next daily key support level of 0.49 USD.