Cardano Market Update: ADA gets listed on Bitfinex, market reaction is muted

Bitfinex adds ADA to the list of tradable assets.
ADA/USD stays in the range, moving along the middle line of the daily Bollinger Band.

Tanya Abrosimova Independent Analyst

Cardano is the 8th largest digital asset with the current market value of $3.71 billion. At the time of writing, ADA/USD is changing hands at $0.1433, mostly unchanged since the start of the day.

ADA now available on Bitfinex

Bitfinex listed Cardano's ADA after the team successfully launched Shelley update.

We are pleased to announce that leading #cryptocurrency exchange @Bitfinex now offers $ADA trading pairs, to provide #crypto traders, investors, and #ada holders with another way to buy, trade, and exchange ada.

The trading will start in August 2020. ADA will be available on the spot market against BTC (ADA/BTC), Tether (ADA/USDT) and US Dollar (ADA/USD). ADA will have access with a direct fiat pairing in US dollars, which means, Bitfinex will become the platform with the easiest way to purchase ADA directly for fiat.

ADA/USD: Technical picture

On a daily chart, ADA/USD is supported by the middle line of the daily Bollinger Band (currently at $0.1350). This line has been limiting the downside correction since the end of June. If it is broken, the sell-off may be extended towards $0.1300 and $0.1150. This critical barrier is reinforced by daily SMA50 and the lower line of the daily Bollinger Band.

On the upside, the resistance area comes at $0.1485-$0.1490. The price made several attempts to move higher since the beginning of August. Once it is cleared, the recovery may be extended to $0.1550 (the upper line of the daily Bollinger Band) and $0.1600.