Just past – new buying interest catapults Cardano (almost) back to a record high
The altcoin was only 1 cent short of catching up with its previous best, but nevertheless a hefty profit is on the books.
Cardano (ADA) narrowly missed its previous record high on 18 March after a sudden surge of new buying interest catapulted the altcoin to new old heights.
As TradingView data shows, the Immediate Edge cryptocurrency’s price hit an interim high of US$1.47 on crypto exchange Kraken on Thursday, just shy of the best level of US$1.48 set on 27 February.
Cardano’s hourly chart (see below) shows that the substantial climb was followed by a 20% downturn that has pushed the price back to US$1.18. This retracement could be due to the fact that market leader Bitcoin also lost in the same period, albeit much less badly.
Since the downturn, Cardano has been able to climb upwards again, making higher lows, which is a good sign because it indicates a short-term upward trend (blue diagonal). In addition, the price was able to convert the moving average of the last 50 days (50-day MA; purple curve) from resistance to support, which further underpins the stability of the recent gains. The 200-MA (red curve) is also clearly outperforming ADA, reinforcing this positive reading.
At press time, the price stands at US$1.32
The driving force behind Cardano’s soaring price is likely an announcement by US crypto exchange Coinbase, which announced on 16 March that it was adding ADA to the listing of its proprietary trading platform for professional investors. „Trading will commence from 18 March, subject to all liquidity requirements being met,“ as the related blog post explains. At press time, ADA is already trading on Coinbase Pro.
Another blog entry subsequently disclosed that Cardano is now also available on Coinbase.com and in Coinbase’s smartphone apps.
ADA is one of the most important crypto projects in the industry, considered one of the biggest competitors of the Ethereum smart contract network.