Cardano Price adds 28%, ADA/USD Lift Offs on “Coinbase Effect”

The Cardano price leads the performance chart in the top-20, outperforming BTC, ETH, and most DeFi tokens.

As of writing on Mar 17, the ADA price is trading at over $1.25, adding 28 percent on the last trading day, rewinding losses week-to-date. At this valuation, the ADA price is perched at fifth, flipping Polkadot.

Technically, the path of least resistance is northwards, judging from price performance. However, there could be room for more upsides considering how firm and determined ADA bulls are. According to traders, the upsurge is at the back of an uptick in trading volumes.

On average, participation has more than doubled, rising 106 percent on the last day as 6.9 billion ADA coins changed hands. Since prices are rising, it suggests buyers’ presence, keen on pushing ADA prices to new territories.

Cardano Price Overview

The ADA price remains on a bullish course despite the destabilization of the last few days. Across-the-board contraction of crypto prices temporarily saw ADA/USD retrace.

However, it is trending at a near all-time high, around $1.50. At this pace, there is no discounting the possibility of another rally. In this case, the ADA/USD price, once it clears the immediate resistance at $1.30, could throb higher to $1.5 and $1.7, possible reaction points according to the Fibonacci extension tools.

Overly, the ADA/USD pair is oscillating with caps at $1.50—February highs, and $1 and $0.80, on the lower end marking last week’s and H2 Feb 2021 lows, respectively.

For the upside momentum to be valid, bulls ought to push ADA prices beyond immediate resistance walls. On the flip side, steep losses, first below $1, may mark the beginning of a correction.

Cardano Market Movers

Cardano is a peer-reviewed smart contracting platform aiming to replace Ethereum. It is scalable, has low fees, and secure.

Coinbase Pro is now listing ADA. The exchange will support the trading of these pairs: ADA-USD, ADA-BTC, ADA-EUR, and ADA-GBP.

The Bloomberg Termina also offers support for ADA, exposing the coin to institutional investors.

“Bloomberg Terminal has added Cardano (ADA) to its list of supported assets, exposing it to hundreds of thousands of institutional investors.”

Institutional investors are going to go crazy for Cardano. I just know it. 🚀

— Dan | CCV | ⚡️ (@cryptorecruitr) March 16, 2021

After Mary Hard Fork Combinator (HFC), Charles Hoskinson says over 100 companies are ready to migrate from Ethereum to Cardano, enjoying low fees.

Talking to Bloomberg, he said:

“My goal is to run countries on this blockchain. I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes, and it goes, like Pet Rocks and Beanie Babies. You can take your DeFi, and you can run it on my system for 1/100 to 1/1000 of the cost.”

Cardano Price Prediction

The ADA price is bullish, adding 28 percent on the last day.

Price action on the daily chart suggests bulls. There is a double-bar bullish reversal pattern with high trading volumes. Accordingly, there might be an opportunity for aggressive buyers to load the dips with immediate targets at Feb 2021 highs of $1.5.

On the lower end, $1 is the primary support. As such, if bears force ADA prices lower, offs of lower lows towards $0.80 could be on the cards.

If buyers, however, are in charge, pushing ADA beyond $1.50 with equally high trading volumes, the coin price could fly to over $1.6—the 4.618 Fibonacci extension level of the 2020 trade range, registering a new high.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.