Cardano (ADA) Volumes Almost Double, CoinBase Could Trigger Rally
Cardano (ADA) price up 17.4 percent
CoinBase could offer support for ADA
Transaction averages almost double in the last two weeks
Bitcoin is Tanking Despite Coronavirus Fears, Showing Lack of Characteristics as Safe Haven
Friday January 24, 2020
Bitcoin prices on Friday are plunging after marking their highest levels in over two months, hurt by an improving outlook of the eurozone economy, the stronger dollar, and – none the least – the...
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After dropping from the top 10, Cardano (ADA) is up 17.4 percent in the previous week. Because of this, it is one of the top performers and could register more gains if CoinBase supports ADA.
Cardano Price Analysis
On one end, CoinBase never-ending controversy makes them appear weak. However, as the third most liquid exchange after Binance and Liquid, their influence cannot be written off. The CoinBase Effect may be waning after the exchange’s effort of increasing the number of coin offering. Regardless, listing exposes the asset to more than 25 million customers tagging extra demand from an exchange that is secure (never hacked) and insured.
Back in Q2 2018, CoinBase said they were exploring five coins including Cardano (ADA). During their consideration, they would work with banks as well as regulators to enable the roll out in as many jurisdictions as possible. At the same time, they were trying to remain as transparent as possible to avert accusations of insider trading.
Of the five coins, Cardano (ADA) is the only asset that is yet to be listed. Against expectations, in the last three quarters, CoinBase were aggressive, listing diminutive and low liquid assets as BAT, OX, and ZCash (ZEC). To some extent, this was understandable since ADA as a coin remained centralized as development steps up. However, the recent conclusion of Byron and the transition to Shelly would increase chances of a listing at CoinBase.
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Wednesday January 22, 2020
Last week, the altcoin market and many individual crypto assets broke out from downtrend resistance and went on a massive rally. However, for the first time since the crypto hype bubble collapse, the crypto...
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Flipping Tron (TRX) and Cosmos (ATOM), Cardano (ADA) is back to the top 10 after adding 17.4 percent from last week’s close. Although part of this is because of investor expectations, it is favorable fundamentals and attractive candlestick arrangement that places buyers at an advantage.
From the chart, it is clear that bulls are in control. While trading in a breakout pattern above 4.5 cents, bears are yet to reverse gains of Mar 9. Concurrently, the last two bars seem to be breaking away from the 90-day consolidation as they band along the upper BB.
If anything, this points to bulls and risk-off, aggressive traders should fine-tune entries in lower time frame with targets at 6 cents.
Our stand out bar is Mar 11. As a high volume bar—324 million against 128 million average, it anchors our ADA/USD price analysis.
Expectedly, after that surge in volumes, participation drop but is expected to rise. As bull momentum pick up, any spike towards 6 cents must be at the back of high volumes exceeding averages of 167 million.
In turn, the breakout bar nullifying bears above 6 cents must have high transaction volumes above 324 million. Already, transaction volumes are double in the last two weeks—89 million to 166 million.
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Bitcoin Price Breaks Below $8,300, Is The Bull Rally Already Over?
Thursday January 23, 2020
Bitcoin price has been falling over the last 24 hours, potentially signaling that the recent bull rally has come to an abrupt end. But what are the factors behind Bitcoin’s latest drop, and how...
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