Coin cryptocurrency Cardano on the background of a stack of coins. ADA
The Cardano (ADA) price has rebounded. The price has jumped by more than 18% in the past 24 hours, bringing its market cap to more than $38.8 billion. It has overtaken Tether to become the fourth-biggest digital currency in the world.
Cardano news: Cardano price is rising mostly because of the decision by Coinbase Pro to add the currency to its trading platform. This will start tomorrow and allow institutional and other advanced traders to trade the fast-rising Ethereum rival. Additionally, the currency was also recently added to Bloomberg Terminals, the platform used by thousands of institutional customers. The terminals cost about $2,000 per month.
Still, fundamentally, the biggest challenge for Cardano is that its ecosystem is still relatively small. Indeed, it is hard to find any large or fast-growing projects built on its platform. For starters, Cardano is made up of a Cardano Settlement Layer (CSL) and Control Layer. The latter helps developers build applications that include smart contract technology.
Turning to the daily chart, we see that Cardano declined to $0.9922 this week as the crypto sell-off accelerated. A closer look shows that this price was no accident. Indeed, it is along the rising trendline that connects the lowest levels since December last year. The price has also managed to move above the 18-period and 25-period weighted moving averages (WMA).
Therefore, in my view, the bullish trend will continue as bulls target the upper side of the channel at $1.75, which is 40% above the current level. To hit this level, bulls will need to first cross the YTD high at $1.50. However, a decline below this week’s low will invalidate this trend.
