Cardano retreats from January peaks as ADA perpetual swap contract debuts on Binance Futures

Cardano is in the middle of a retreat mission following the recent highs it achieved at $0.0575. The bearish correction is in tandem with the general negative trend across the crypto landscape. It appears that cryptocurrencies will close the week in losses, although most of the cryptoassets posted incredible gains at the beginning of the week.

At the time of writing, ADA is trading at $0.054. The momentum is dipped below an ascending trendline. If the 21 SMA on the 4-hour chart fails to hold, there is a chance ADA will breakdown to the key support at $0.050. Other key support areas traders should keep in mind are the 50 SMA, $0.0450, $0.0400 and $0.0322 (January low).

The trend shown by the technical indicators has a bearish bias in the short term. The RSI has been purged from the overbought territory. The continuing downward slopping motion confirms the growing bears’ influence. Similarly, the MACD features a bearish cross, which also highlights the rising bearish pressure.

ADA/USD 4-hour chart

Binance Futures introduce Cardano perpetual swap contract

Binance Futures, official futures trading platform by Binance has announced the launch of Cardano (ADA) perpetual swap contract support starting January 31, 2020, at 08:00 AM (UTC). ADA’s support brings the number of supported digital assets to 11 on the platform that launched in September 2019. Users will now have the opportunity to buy and sell ADA/USDT perpetual contracts. According to Aaron Gong, Director of Binance Futures:

To meet the high demand of our users, we are continuing to introduce major digital assets to the Binance Futures platform at a rapid pace. The addition of Cardano (ADA) is another step forward in our mission to grow the entire crypto derivative market and offer the ultimate trading experience for all users.