TRENDING:
BoJ Interest Rate
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Cardano Price Update: Bulls attempt to recover ADA/USD's price following Bitfinex listing

  • Bitfinex has recently listed Cardano’s ADA on its spot exchange.
  • Trading has commenced with initial support for ADA/BTC, ADA/USDT and ADA/USD trading pairs.
  • Cardano’s Shelley has resulted in an increasing demand for ADA.
Cardano Price Update: Bulls attempt to recover ADA/USD's price following Bitfinex listing
Rajarshi MitraRajarshi MitraIndependent Analyst

Bitfinex cryptocurrency exchange has recently listed Cardano’s native token ADA on its spot exchange. Trading has commenced with initial support for ADA/BTC, ADA/USDT and ADA/USD trading pairs, according to the Cardano Foundation.

Recent developments, including the Shelley rollout, have resulted in increasing demand for ADA. Reflecting on this, Paolo Ardoino, the CTO of Bitfinex, said that listing ADA trading pairs was a natural step for Bitfinex. The Cardano Foundation said that enabling access to direct fiat pairings in US dollars will make Bitfinex one of the most convenient exchanges for users to purchase ADA on

The CEO of IOHK (Cardano’s parent company), Charles Hoskinson, noted that the Bitfinex listing ADA has helped realize Cardano’s vision of becoming the first truly global blockchain-based financial operating system.

Listing on Bitfinex, one of the world’s largest cryptocurrency exchanges, represents a significant milestone on the road towards mainstream adoption of ADA, and reflects the increased market confidence in Cardano.

ADA/USD daily chart

ADA/USD daily chart

ADA/USD bulls stepped back in after a heavily bearish Friday. ADA/USD is currently priced at $0.1392. Friday’s price action has dropped the price below the pennant formation. The price has presently found support at the SMA 20 curve and jumped up. The Elliott Oscillator has had ten straight red sessions.

The price chart shows strong resistance levels at $0.145 and $0.149. On the downside, we have healthy support levels at $0.1374 (SMA 20), $0.134 and $0.117 (SMA 50).


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Editor's Picks

XRP approaches key support as risk-off sentiment deepens

XRP approaches key support as risk-off sentiment deepens

Ripple (XRP) is trading at $1.06 on Monday, maintaining its position within a broader bearish trend. The token’s technical outlook continues to deteriorate, pressured by declining retail participation. Appetite for risk assets remains lethargic, as reflected in the Fear & Greed Index, which is embedded in the Fear territory at 28.
Crypto Today: Bitcoin, Ethereum, XRP extend decline amid renewed risk-averse sentiment

Crypto Today: Bitcoin, Ethereum, XRP extend decline amid renewed risk-averse sentiment

The cryptocurrency market remains weak on Monday, with Bitcoin (BTC) falling toward the nearest $62,000. Ethereum (ETH) and Ripple (XRP) reflect the sell-off across altcoins, edging lower toward $1,800 and $1.05, respectively. Risk appetite remains subdued, as the Fear & Greed Index holds steady at 28, deep within Fear territory.
The Bitcoin futures yield collapse: Once over 20%, now less than Treasury notes

The Bitcoin futures yield collapse: Once over 20%, now less than Treasury notes

Once a goldmine for carry traders, Bitcoin futures have flipped, consistently underperforming plain‑vanilla U.S. Treasuries every month since February. Carry trades consistently yielded 20% or more across regulated and unregulated crypto exchanges during the 2021 bull market. The strategy involved shorting Bitcoin futures while simultaneously buying a spot exchange-traded fund (ETF).
The crypto market is moving in the opposite direction to equities

The crypto market is moving in the opposite direction to equities

The crypto market’s market capitalisation has fallen by 1% over the past 24 hours, returning to levels last seen in mid-July. The positive momentum the market showed in the first half of last week failed to take hold. Once again, we are seeing a negative correlation with the Nasdaq 100 index, this time in the form of falling cryptocurrencies while shares rise. Could this be becoming the new norm?
Bitcoin: Bulls hold the line

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.