Cardano price jumps 23% ahead of Coinbase Pro listing announcement
- Cardano price had a massive jump in the past few hours thanks to Coinbase.
- Coinbase Pro announced that it will support ADA against four trading pairs.
- ADA got rejected from a significant resistance trendline.
Earlier today Coinbase Pro announced the support of Cardano with four trading pairs including USD, BTC, EUR, and GBP. Trading will commence at 9 AM Pacific Time Thursday, March 18 as long as liquidity is met.
Cardano price jumps on Coinbase news, but will the move last?
Cardano price is up by 24% in the past few hours after Coinbase announcement. However, investors are concerned whether this move will last or not.
ADA/USD 12-hour chart
Cardano formed a significant support trendline since February 7 which was eventually broken on March 11 leading to a notable sell-off. The same trendline is now acting as a robust resistance level and has just rejected Cardano price again.
ADA IOMAP chart
However, despite the robust trendline resistance, the In/Out of the Money Around Price (IOMAP) chart shows practically no barriers above $1.27 and strong support between $1.17 and $1.06. A strong rejection from $1.24 would drive Cardano towards $1.17 and potentially down to $1.06.
On the other hand, breaking through the robust trendline of $1.24 should push Cardano towards $1.36 as there is no resistance ahead.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
