Cardano (ADA), the cryptocurrency backed by scientific research has been drowning in selling pressure since January this year. ADA/USD like most of the assets in the market hit all-time highs at $1.15 on January 4 and January 5 before embarking on a downward trend that has seen it trade lows of $0.12. Consequently, this week started with the cryptos swing in the sea of red and Cardano price was not spared by the downward wave.
However, the listing on Bithumb exchange was the saving grace for the crypto which surged to highs of $0.173. Bithumb announced the listing of Cardano (ADA) and Status Network Token (SNT), a move that triggered a lot of excitement to the followers of both of the coins on Twitter. The announcement read, “Cardano (ADA) and Status Network Token (SNT) will be listed on Bithumb Today!” One of the enthusiasts of Cardano responded with excitement saying:
“Love Cardano, such an amazing team, and vision. Don’t even get me started on how fantastic the tech is too,” one person tweeted. Another crypto enthusiast believes that this is a “perfect timing. The market will bounce up now because of Coinbase.”
Cardano Short-Term Price Analysis
Cardano price is trading between the moving averages support and resistance, with the longer term 100 SMA limiting upside movements close to $0.16 while the 50 SMA is providing support at $0.165. The cryptocurrency has reversed the trend after the surge that used the listing on Bithumb exchange as support.
The stochastic is back in the oversold and its signals show that the bears have the control in the near-term. A bearish momentum is in progress on the chart and it is likely to break the weak support at $0.165 (50 SMA). However, $0.164 will also offer support, but if declines cancel all the gains achieved yesterday, ADA/USD will use the support at $0.158 -$0.154 which is also the demand zone to bounce back. On the other hand, upside movements will still be limited by the 100 SMA ($0.168), moreover, the key resistance is at $0.172.
Bithumb 1% Payback is a Winner for the Traders
The South Korean exchange, Bithumb also announced a giveaway for the investors depositing ADA on the exchange as a way of celebrating the community. The exchange is going to give back 1% of all the deposits of ADA starting Thursday, June 14 to Saturday, June 16.
Are You Aware of Cardano’s Groundbreaking Daedalus wallet?
The official Cardano (ADA) wallet is referred to as Daedalus and boasts of high security and some of the best features in the entire cryptocurrency industry. The wallet is multi-platform and hierarchal deterministic (HD). It is specifically designed for storing and keeping track of Cardano (ADA). It allows sending and receiving of ADA digital asset in addition to keeping a record of all the transactions. Furthermore, it features encrypted private keys as well as passwords to fight against security threats. The Daedalus wallet has the ability to send funds to cold storage besides the exportation of wallets into paper certificates, a feature that further enhances the security. Interestingly, ADA redemption is integrated into Daedalus wallet and has support for both encrypted and unencrypted redemption certificates.