Cardano (ADA) Price Faces Brief Correction After Recent Rally to $0.45

• The price has been facing brief correction after the recent rally all the way till $0.45 level.
• If the price manages to go above $0.42 level, then it will likely test $0.45 resistance level.

Speculation over a possible Cardano exchange-traded fund (ETF) is now circulating among the Cardano (ADA) community. Speculation began with a recent X post by Tap Tools, a tool on the Cardano blockchain that tracks tokens, NFTs, and wallets.

With a graphic of a checklist, the tweet mentioned, “Is ADA ETF up next?” and only Cardano ETF remained after Bitcoin and Ethereum ETFs were ticked.

Tap Tools’ tweet piqued the interest of Charles Hoskinson, co-founder of Cardano. “Fine, I’ll do it myself.” he captioned a GIF picture that looked like a superhero. Within the ADA community, this playful-yet-aggressive answer sparked additional debate.

In terms of staking market cap, The Open Network (TON) has surpassed Cardano and is now ranked third. Ethereum has the most staking market cap at $115 billion, a staking ratio at 27.67%, and a reward ratio at 3.33%, according to statistics from Staking Rewards. With a staking ratio of 65.95% and a reward ratio of 2.8%, Cardano ranks fourth with a staking market cap of $9.63 billion.

Brief Correction Underway

At the time of writing, ADA is trading at $0.4114, up 0.30% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 12.13%. The price has been facing brief correction after the recent rally all the way till $0.45 level. The price is down 7.11% in the last 7 days.

If the price manages to go above $0.42 level, then it will likely test $0.45 resistance level. Conversely, if the price goes below $0.41 level, then it will likely test $0.38 support level. Breaking below this level will likely see price testing $0.32 support level.