Source: Cryptodaily.co.uk, originally published on .
Chart for ADA/USD (1W)
Cardano (ADA) is the cryptocurrency with the highest probability of being listed next on Coinbase. Cardano (ADA), which is supported by IOHK, is the firm run by Charles Hoskinson, the founder of Cardano (ADA). They are known for their low key style. They focus more on development and less on marketing. Recently, IOHK along with ETC Dev succeeded in getting Ethereum Classic (ETC) on Coinbase. That listing did surprise a lot of people when Ripple (XRP) was bypassed. However, the fact of the matter is that Coinbase has grown too big to toy around. They are only listing projects that have long term potential. Cardano (ADA) is one of those projects.
The above chart for ADA/USD on the weekly time frame shows Cardano (ADA) in a strong downtrend. The price has failed to breach the downtrend yet. The current weekly candle lies right next to the downtrend line but it has failed to break above it thus far. However, the lower the ADA/USD falls, the easier it gets for Cardano (ADA) to break the downtrend resistance. If Cardano (ADA) breaks this downtrend, there is little doubt that it will break past $1 in a matter of weeks. Cardano (ADA) is one of those projects that are increasingly seeing institutional interest. The price had an extensive correction and is now ready for a trend reversal. RSI on the above chart seems to have bottomed out. Weiss wave volume profile on the above chart shows that the bearish momentum is lost.
Chart for ADA/BTC (1W)
Cardano (ADA) is considered an overvalued and overhyped project according to its critics. This is mainly because there are not a lot of tangible features to see. Most investors like to think of platform coins in terms of the number of Dapps that have been built on them or its market cap. So far, the interest in Cardano (ADA) from retail investors seems mainly due to its market cap. They believe it’s a top ten coin with a lot of room for growth. However, not many of them endeavor to actually understand the tech behind this wonderful project. After Eos (EOS), Cardano (ADA) seems to be the top ten coins with the most satisfied investors.
Cardano (ADA) is one of the few top ten coins that have already broken its downtrend against Bitcoin (BTC). The current weekly candle on the ADA/BTC weekly chart above has already opened above the downtrend resistance and is expected to close above it. The volume for ADA/BTC has been on a steady decline but buyers are rushing in as the market recovers. We have seen a growing number of institutional investors and family offices show a strong interest in top ten coins. This is not just due to their stability, low risk or high liquidity. In fact, we have seen top ten coins like Tron (TRX) being completely ignored by institutional investors despite having the above qualities. Cardano (ADA) on the other hand has seen interest mainly because of its tech and long term potential.
The post Cardano (ADA) Could Moonshot After Coinbase Listing appeared first on Crypto Daily™.