Grayscale Cardano, Hedera Trusts Confirm ADA, HBAR Parabolic Price Rally

In a recent news update, crypto asset management firm Grayscale registered trusts for Cardano and Hedera in Delaware.

Indicating plans to launch ETFs tracking ADA and HBAR spot prices, the trust filings coincided with Cardano and Hedera signaling bullish technical chart pattern formations.

Grayscale Bullish on Cardano

Grayscale’s move indicates a bullish sentiment for Cardano, and reflects a strategic move. Grayscale Cardano Trust’s conversion through to an ETF is already under SEC review since February.

The difference is between the trustees, with Delaware Trust Company for the former and CSC Delaware Trust Company for the current filing.

Moreover, the SEC approved the conversion of Grayscale’s Digital Large Cap Fund (GLDC) into an ETF in July. However, it was later halted due to likely internal procedural issues.

ADA Price Rally

As The Coin Republic reported earlier, Grayscale increased Cardano’s weightage to 18.5% in the Smart Contract Platform Fund.

It happened after Bloomberg ETF analysts raised the odds of Cardano ETF approval by the SEC to 90%.

Recently, Grayscale highlighted Cardano as third in their Top 10 Crypto Assets for 1-week returns. This indicated investors’ demand amid bullish prospects of ADA price rally above $1.

The “golden cross” chart pattern formation in the weekly timeframe in June supported upside momentum in ADA price. Since then, the price has rallied by more than 52%.

Moreover, a “golden pattern” formation in the daily timeframe today caused ADA price to skyrocket by 13%.

At the time of writing, the price was trading at $0.871, with trading volume jumping over 101% over the last 24 hours.

Analyst Ali Martinez noted that ADA price was mirroring a massive rally seen in its last cycle. If the historical pattern repeats, the price could hit $6.

Increasing Institutional Interest in Hedera

Grayscale’s filing of Hedera Trust ETF also signals a strategic move to seek approval for spot Hedera ETF.

Hedera has recorded demand from institutional investors due to its use case in real-world asset (RWA) tokenization.

Moreover, Robinhood listed HBAR for trading on its U.S. platform amid increased demand from investors.

This indicated a broader strategy to attract retail investors by including in-demand altcoins.

HBAR Price Rally

HBAR price jumped more than 8% in the past 24 hours, with the price trading at $0.265 at the time of writing. The 24-hour low and high were $0.245 and $0.266, respectively.

Furthermore, the trading volume has increased by 26% in the last 24 hours, indicating a rise in interest among traders.

This coincides with a “golden cross” pattern formation in the daily timeframe. The pattern forms when the 50-moving (blue) average crosses above the 200-week (red) moving average.

The last time it happened, HBAR price rallied more than 500% to hit a high of $0.570. HBAR price is projected to hit $5 on ETF anticipation and institutional interest.