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Cardano(ADA) Price Registers Early Bounce! But Maybe Still Too Early for the Party!

cardano ADA Price

The post Cardano(ADA) Price Registers Early Bounce! But Maybe Still Too Early for the Party! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cardano price yet again emerged as one of the stable crypto assets which stood strong amid the recent bearish trend. No doubt the prices slipped a little but the asset has already recovered by more than 50% from the recent losses. Therefore, the ADA price is expected to quickly jump in action, outperforming Bitcoin & Ethereum in the upcoming days.

The past weekend was pretty bearish as the majority of the cryptos including BTC & ETH had slumped hard to mark their respective lows.  At the same time, Cardano avoided steep drops by eliminating massive sell-offs and not letting the selling pressure mount. For this reason, the price remained consolidated within the same parallel channel, it is swinging for more than a month. 

The ADA price, after showing enough strength than the top cryptos, is expected to surge more than 30% in the next 30 to 45 days to mark its presence above $0.65 levels. 

adaprice

As mentioned earlier, the ADA price is swinging within a parallel channel and rebounded finely from the lower support amid the recent market crash. The buying volume also appears to be in support of the bulls and hence the price is expected to rise by more than 30% within a month from now. However, much before that, a short-term bounce may be expected that may rise the price by 15% to secure the levels above $0.54 by the end of this week. 

Coming to indicators, RSI is extremely bullish as it is ranging towards the north, approaching the average levels. Here one can expect a minor consolidation until the asset decides upon the next leg depending on the volume. On the other hand, MACD is about to flash a buy signal after a few sell-offs in the past couple of days. Therefore, Cardano’s (ADA) price is believed to remain elevated squashing the bearish impact to hit $0.65 at the earliest. 

Is Coinbase Losing Its Edge? Nano Bitcoin Futures Sees Low Interest

Coinbase is easily one of the most recognizable names in the crypto space and has had many successes when it comes to its products. It also became the first crypto company to go public and continues to trade on the open market. However, as the crypto bear market has crept in, various projects in the::Listen

Coinbase is easily one of the most recognizable names in the crypto space and has had many successes when it comes to its products. It also became the first crypto company to go public and continues to trade on the open market. However, as the crypto bear market has crept in, various projects in the crypto space have taken a hit. And it seems Coinbase is not left out given how its latest launch is going.

Coinbase Launches Bitcoin Nano Futures

The Coinbase bitcoin nano futures had finally been launched on Monday. A nano bitcoin futures contract represents only 1.100th of a whole bitcoin, which makes it smaller than the CME micro futures. Even though it was anticipated, the market climate had no doubt affected the performance during this time. Coinbase had become the third platform to launch a cash-settled nano bitcoin futures with this launch but unlike its other counterparts, CME and Bakkt, the launch would go much slower for the crypto exchange.

Related Reading | ProShares Short ETF Becomes Second-Largest Bitcoin Fund In Record Time

After the launch on Monday, the nano bitcoin futures had been able to pull in only 25.94 BTC in open interest. Thus, Coinbase was only accounting for 0.0052% of all of the global open interest. Its daily volume was just as slow with only $3.8 million recorded after the first day of trading.

Coinbase launch goes slow

CME trading at premium to offshore | Source: Arcane Research

This may not entirely be on the crypto platform as Monday was not an especially good trading day for the futures basis. CME recorded a decline in its futures basis following bitcoin’s price crash even though it had continued to trade at a premium to the offshore market. So it is not a far stretch to speculate that this had spilled onto the Coinbase launch and had triggered such slow interest in the nano bitcoin futures.

Stock Price Still Suffering

The Coinbase nano bitcoin futures is not the only thing from the crypto exchange that is having a hard time in the market. Coinbase’s stock continues to struggle through the market despite launching with such a high start price. Currently, the stock is trading at $49.75, more than 88% lower than its listing price back in 2021. 

Coinbase stock price chart from TradingView.com

Coinbase stock price down 89% from ATH | Source: Coinbase Global Inc. on TradingView.com

Coinbase’s struggles in the market have drawn speculations from industry experts on whether the going public was a premature move on the crypto exchange’s part. Its performance on the NASDAQ has been disappointing with the stock recording more red weekly closes than green ones.

Related Reading | What Happens To Bitcoin Miners If Price Keeps Dropping?

Nevertheless, the exchange remains very popular among crypto users. With daily volumes of more than $1.5 billion, it is ranked as the third-largest cryptocurrency exchange in the world, coming behind FTX and Binance. By 2021, the exchange had more than 56 million users and was valued a $65 billion. It also had $223 billion in assets under management for the same year.

Featured image from Banking Exchange, charts from Arcane Research and TradingView.com

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Cardano(ADA) Price Registers Early Bounce! But Maybe Still Too Early for the Party!

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