Cardano (ADA) Price May Drop 35% as ETF Odds Increase by 55%

The probability of a Cardano ETF approval stands at 55%, with the ADA forming a bearish flag pattern. Hoskinson has announced the launch of the VC-free Midnight airdrop to 37 million wallets.

The anticipation for a Cardano exchange-traded fund (ETF) approval is growing, with the likelihood of it being approved currently at 55%. Investors are keeping a close eye on developments related to this as the popular cryptocurrency ADA continues to attract attention.

Meanwhile, ADA has formed a bearish flag pattern, indicating a potential downward trend in the near future. Traders are advised to monitor this pattern closely and adjust their strategies accordingly to navigate potential price fluctuations.

In another significant move, Charles Hoskinson, the founder of Cardano, has initiated the VC-free Midnight airdrop, targeting a massive 37 million wallets. This airdrop is expected to introduce ADA to a broader audience and increase its adoption among cryptocurrency enthusiasts.

The launch of the airdrop without the involvement of venture capitalists demonstrates Hoskinson’s commitment to decentralization and community-driven initiatives. By directly distributing tokens to a large number of wallets, Cardano aims to promote inclusivity and broaden its user base.

Hoskinson’s strategic decision to conduct a VC-free airdrop aligns with Cardano’s vision of creating a decentralized and accessible blockchain ecosystem. By engaging directly with individual users and wallet holders, Cardano seeks to foster a sense of community ownership and participation in its growth and development.

The Midnight airdrop is poised to introduce a significant number of new users to the Cardano ecosystem, potentially driving up demand for ADA tokens. As more people become involved in the project, Cardano’s network effects are expected to strengthen, solidifying its position in the competitive cryptocurrency market.

Overall, the imminent approval of a Cardano ETF, coupled with the formation of a bearish flag pattern on ADA’s price chart, sets the stage for an eventful period for the popular cryptocurrency. Hoskinson’s innovative approach to conducting a VC-free airdrop further highlights Cardano’s commitment to decentralization, community engagement, and sustainable growth in the digital asset space.