Cardano price analysis: ADA/USD spikes above $0.27 as Binance adds new ADA trading pairs

Binance announces support for ADA/BNB and ADA/USDT.
ADA/USD aims at $0.29 to close the gap.

Tanya Abrosimova Independent Analyst

Cardano (ADA) is on fire again. The coin gained over 60% in a week to become one of the fastest growing coins in the market. Cardano is the seventh biggest cryptocurrency by market value, according to CoinMarketCap, with current capitalization nearly $6.5B and daily trading volume over $870M.

Huobi, one of the largest cryptocurrency exchange platforms in the world, announced ADA support on Monday, triggering the surge. Today we have another portion of positive news: Binance adds ADA/BNB and ADA/USDT trading pairs to the listing according to the statement published on the exchange's website.

The news should be supportive for Cardano, as it is the third popular coin on Binance with daily volume over $151M.

Technically, ADA/USD touched $0.2744 during Asian hours, which is the highest level since March. The coin retraced to $0.2743 since then, with support provided by former resistance levels $0.22, $0.023 and $0.24. On the upside, the ultimate goal is seen at $0.2900 - a daily close above this level will close the bearish gap created at the beginning of March.

Author

Tanya Abrosimova

Independent Analyst

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