Cardano Records Bullish Spike Following Coinbase Listing

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.

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%

 

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