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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Robinhood Lists Cardano On Platform, ADA Price To Take A Push Upwards?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
cardano

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Popular U.S. brokerage platform Robinhood has listed Cardano (ADA) for its customer. Users will be able to trade the cryptocurrency starting today and gain exposure to its spot price.

Related Reading: IOG Says Cardano Vasil Hard Fork Is Almost Here, But What Is ADA Doing?

According to the announcement, Robinhood listed Cardano due to popular demand. The cryptocurrency has been a retail favorite for years and has managed to make its way into the crypto top 10 by market capitalization.

Over the past months, Cardano (ADA) has moved between the third to the eighth most valuable cryptocurrency on the planet. 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. The Robinhood announcement is an important milestone for ADA as it could boost its adoption levels in the United States.

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

At the time of writing, the cryptocurrency is yet to react to the announcement as the price of ADA continues to trade in the red with other large cryptocurrencies. The crypto market is highly influenced by current macro factors which could become a short-term hurdle for any potential Cardano rally.

In that sense, the price of Bitcoin and Ethereum provides important clues to the future performance of other cryptocurrencies. The number one crypto by market cap currently trades about important two-week support at around $19,600.

Bulls must preserve these levels to prevent further losses in the price of Bitcoin and Cardano. Data from Material Indicators records a high level of liquidity below BTC’s price current levels. The cryptocurrency has over $20 million in bid orders in the mid area around $19,500.

Key Resistance And Support Levels For Cardano

Additional data provided by Material Indicators record low liquidity to the downside and a high stack of selling orders for the price of Cardano (ADA). 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.

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

Cardano bulls must maintain the price at about $0.43, on lower timeframes, or risk going lower into previous support levels. $0.40 and $0.43 are critical to deviate from a future bearish scenario.

Related Reading: WATCH: Bitcoin September To Remember: The Good, The Bad, & The Ugly | BTCUSD September 1, 2022

Cardano is on the brink of deploying an important network and performance update via its Hard Fork Combinator (HFC) event “Vasil”. This update has been delayed on several occasions causing concern in the ADA community, but a successful deployment might provide the bulls with enough momentum to make a run into $0.50 and beyond.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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