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.
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
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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
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.
