Cardano price analysis: ADA/USD gains 9% as Kraken announces ADA listing

ADA is among the best performing coins of the day.
ADA starts trading on Kraken as of today.

Tanya Abrosimova Independent Analyst

Cardano (ADA) with a market value $2.2B, now takes the 9th largest coin by market value. The coin is trading at $0.0873 amid strong bullish momentum. Having gained nearly 9% since this time on Thursday, Cardano became one of the growth leaders. ADA’s recent trading volumes are registered at $112M, twice as big as the day before. The coin is most actively traded at Binance against USDT, while ADA/UAD trading volumes is virtually non-existent.

What’s behind the move?

Cardano experienced a strong growth amid news that cryptocurrency exchange Kraken would add support for the coin. The trading is expected to start today at 6.00 PST. The exchange users will be able to trade Cardano against Euro, USD, CAD, XBT and ETH; however margin trading will not be available for the coin but may be added in the future.

Cardano’s technical picture

Technically, ADA/USD is capped by psychological $0.0900 resistance. If this area is cleared, the upside may be extended towards $0.0940 (September 23 high) and $0.1000. On the downside, the critical support comes at $0.0820 (confluence of SMA50 and SMA200, 1-hour chart) followed by $0.777 (September 27 low).

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Author

Tanya Abrosimova

Independent Analyst

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