Cardano price surges in the wake of Huobi listing: Cryptocurrency marketing turning red again
|- The deposits of ADA are to begin on April 16 while the trading will commence the following day on April 17.
- ADA/USD gains were protected below $0.25 as selling pressure forced a downside correction.
Cardano price is currently on an upside roll, although the cryptocurrency market is turning bearish again. ADA/USD is up 7% in the last 24 hours on Monday. This surge is happening in the wake of ADA listing on Huobi cryptocurrency exchange.
Huobi is one of the largest cryptocurrency exchange platforms in the world. The platform hosts over 200 digital assets, therefore a listing on such an exchange is sure to spike a rise in the price of the listed crypto. The deposits of ADA are to begin on April 16 while the trading will commence the following day on April 17.
Technically, there was an upside movement that was initiated at $0.21 on the 30’ timeframe chart. ADA/USD ascended sharply breaking above a number of resistance zones at $0.22, $0.023 and $0.024 respectively. However, the gains were protected below $0.25 as selling pressure forced a downside correction. Moreover, Cardano price found a support at $0.23 (former resistance).
The 23.6% Fib retracement level with the last swing high of $0.246 and a low of $0.19 could not support the price as it corrected lower. On the contrary, the level ($0.235) is offering resistance as it retraces higher. On the downside, Cardano price has formed an immediate support level at $0.23, besides the 50 SMA will hold the price in the event of a trend reversal while the major support for ADA/USD is at $0.21.
ADA/USD 30’ chart
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