The tenth-largest crypto asset by market capitalization experienced a red week, with varying forecasts about its future direction.
At the same time, the foundation behind the underlying blockchain and its co-founder presented some interesting developments.
Going Up Or Down?
While the blockchain’s native token has dropped about 6% over the past week, according to data taken at print time from CoinMarketCap, it is still up 159% for the year.
Sentiment on X regarding a bear or bull case seems to be a mixed bag, with one prominent market intelligence platform noting that traders may be turning bearish. However, they also noted a key point: prices often deviate from expectations, so it could point to the contrary.
One chartist pointed to ADA printing an inverted head and shoulders pattern, which is usually considered a bullish reversal, signaling a likely uptrend.
Another analyst shared a graph showcasing bear market performance over the past few years, stating that several alts have outperformed Cardano’s token.
A price prediction for the upcoming week places support levels around $0.77-0.70 and resistance roughly at $0.90-$1.
E-Books on The Blockchain
The non-profit organization behind the blockchain, the Cardano Foundation, announced a new use case within the ecosystem, in the form of tokenized e-books, by partnering with the team behind Book.io.
By introducing Decentralized Encrypted Assets (DEAs), the tide will shift for writers and consumers alike, as digital books will be transformed into ownable and transferable assets, rewriting the distribution of intellectual property and royalties.
The first pilot of this new protocol was already unveiled at the 2025 Cardano Ecosystem Guide earlier in January, where 2,000 copies of the book “I Can Aiken” were distributed.
ETF Finally Coming?
Grayscale, the world’s largest digital asset investment firm, with over $50 billion in assets under management (AUM), has filed an S-1 form with the SEC for an ADA exchange-traded fund (ETF).
This initial ETF filing was initiated in February with an application to the New York Stock Exchange (NYSE). Following numerous delays , we are now approaching the decision deadline, set for October 26th this year, which was postponed from the end of August.
As per Polymarket data taken at the time of writing, the chance of approval stands at 87% after the recent dip toward 60%.
Cleared of Wrongdoings
The Cardano blockchain’s co-founder, Charles Hoskinson, shared a post presenting the results of an investigation carried out by law firm McDermott Will & Schulte and accounting company BDO for the ADA Voucher Conspiracy.
The audit found that 99.7% of vouchers were redeemed, uncovered no transgressions, and cleared the project of misconduct.
“After review of tens of thousands of documents, a forensic on-chain and traditional forensic analysis, and eighteen formal interviews of current employees, former employees, Voucher Holders, service providers, community members, and other third parties, the Investigation determined that each of the allegations related to the Topics of Investigation does not have any basis.”
