Robinhood Lists Cardano On Platform, ADA Price To Trend Higher?

Robinhood, a popular U.S. brokerage site has added Cardano (ADA), to its customers. It will allow users to trade cryptocurrency today, and get exposure to its spot market price.

Robinhood announced that Cardano was added to its portfolio due to high demand. This cryptocurrency is a long-standing favorite among retail customers and made it into the Crypto Top 10 according to market capitalization.

Cardano (ADA), which is the world’s third-most valuable cryptocurrency, has seen its value rise to eighth over the last months. At its high, ADA’s price was trading north of $3, but it has been trending to the downside with the rest of the market since late 2021.

At the time of writing, ADA’s price trades at $0.44 with a 2% loss in the last 24 hours and 7 days respectively following the general sentiment in the market. Robinhood’s announcement was an important step for ADA, as it may increase its adoption in the United States.

ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT tradingview

As ADA trades in the black against large cryptocurrencies, cryptocurrency has not yet reacted to this announcement. This is a result of current macro factors that could cause a significant impact on the cryptocurrency market. It may be an obstacle for any Cardano rallies in the short term.

This is why the prices of Bitcoin and Ethereum provide valuable clues about future cryptocurrency performance. The market leader in cryptos by market cap trades at an important support level of $19 600 for two weeks.

To prevent losses from further Bitcoin and Cardano prices, bulls need to maintain these levels. Data from Material Indicators records a high level of liquidity below BTC’s price current levels. Over $20 Million in orders have been placed for cryptocurrency in the middle of $19,500.

Cardano’s Support and Key Resistance Levels

Material Indicators provides additional information. It shows that Cardano’s price is low on the upside and has a lot of selling orders. As seen below, in the yellow box about the price, there are over $2 million in selling orders for ADA’s price at immediate levels.

ADA’s price (blue line) is below a high amount of selling orders (yellow zone on the chart). Source: Material Indicators

Cardano bulls need to keep the price around $0.43 on shorter timeframes or they risk falling below previous support levels. It is crucial to avoid future bearish scenarios by avoiding $0.40 or $0.43.

Cardano is on the brink of deploying an important network and performance update via its Hard Fork Combinator (HFC) event “Vasil”. Despite the fact that this update was delayed several times, causing concerns in the ADA community. However, a successful deployment could give the bulls enough momentum to run for $0.50 or more.

Get more Crypto News at CFX Magazine