Cardano Records Bullish Spike Following Coinbase Listing

18 March 2021 | Updated: 18 March 2021

Cardano (ADA) has come into the spotlight following Coinbase’s announcement that it plans on listing the cryptocurrency on its retail platform, which triggered a +30% spike in the cryptocurrency.

Before the news release, ADA had been trading in a sideways momentum for more than two weeks.

That said, the third-largest cryptocurrency will become one of the many beneficiaries of the “Coinbase Effect,” which has caused traders to be fiercely bullish about the prospects of ADA.

As many traders “buy the news,” reports have assured that ADA is not under any risk of a sharp decline, as it currently sits on a massive support barrier.

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model illustrates that about 133k addresses had previously bought over 3.7 billion ADA at an average price of $1.15, which indicates that there is a healthy amount of interest to absorb the emergence of any downward pressure.

Meanwhile, the IOMAP indicates that about 95% of all ADA tokens currently in circulation got acquired at a lower price than their current market value.

What these figures tell is that most of the investors behind Cardano are “In the Money” and that it will take a huge sell-off to send the price lower.

ADAUSD – Hourly Chart

Key ADA Levels to Watch — March 18
ADA has regained a bullish bias following its decimation of the $1.1000 resistance, just like we projected. The cryptocurrency is now on the verge of toppling its all-time high at $1.4850 but has to clear the $1.4400 resistance.

That said, we expect to see a mild correction to the $1.4000 area, where a sharp rebound could occur due to a possible dip-buying influx.

Meanwhile, our resistance levels are at $1.4400, $1.4600, and $1.4850, and our key support levels are at $1.4000, $1.3000, and $1.2000.

Total Market Capitalization: $1.80 trillion

Cardano Market Capitalization: $46 billion

Cardano Dominance: 2.5%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.