Why Cardano (ADA) Could Be Gearing Up For A Rally

Cardano (ADA), has seen a dramatic drop in price since its 2021 high of $3.10, which was reached back in 2021. ADA’s price has struggled to make the same gains that other market participants despite the recovery of the crypto market. The indicators indicate a lot toward bearishness. A new trend could lead to a rebound in Ca Cardano’s price.

FTX Plans To List ADA

FTX is the sole crypto-exchange that has yet to list Cardano. This hasn’t gone down well in the community, who continue to ask why the crypto exchange didn’t list Cardano for trading.

Sam Bankman Fried (SBF), FTX’s CEO, was one of the targets. He gave explanations as to why. This is the tweetADA was a current top-10 cryptocurrency in terms of market cap and it was asked why the exchange did not list lesser-known tokens.

SBF’s response to this was that the crypto exchange was actually working on adding Cardano for trading. However, he referred to the blockchain as being “new”, so they were still working on integrating it into the platform in the near future.

Further information was provided by the FTX CEO clarified that he did not mean that the blockchain was actually “new” but that he meant that it was “new” because it was not yet on the platform. 

Cardano’s Benefit: This is Why

Listing on an exchange could cause a surge in price for any cryptocurrency. Cardano’s situation is the same as for any other cryptocurrency. A listing on FTX could bring in more liquidity which would lead to a spike in price because of all the hype around it.

Cardano (Ada) price chart from TradingView.com

Trending at $0.39 for ADA Price | Source: ADAUSD on TradingView.com

It is possible for ADA to rally if the FTX cryptocurrency exchange keeps its word and soon lists the digital asset. The FTX crypto exchange would list the digital asset at $0.4 and receive support.

Cardano investors seem to share the bull case. According to Coinmarketcap’s Price Estimates feature, investors expect the price of the cryptocurrency to reach as high as $0.5 before the end of November. This bull case would be strengthened by a listing on FTX.

ADA currently trades at $0.39 as of the writing. It is the 9th largest cryptocurrency, with an estimated market capital of $13.7 million. 

Featured Image from Crypto News. Chart from TradingView.com

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