Bulls back in town as Coinbase explores adding Cardano [ADA]
Cardano [ADA] seems to back in bullish territory as sentiment improved following Coinbase’s announcement that it was exploring chances of adding the coin, among others, to its exchange. Cardano’s market capitalization briefly jumped as much as $407.1 million to as high as $3.67 billion early on Friday. At the time of writing, ADA’s market capitalization settled at $3.50 billion.
All the coins being considered by Coinbase saw significant price hikes. The exchange, however, cautioned that it cannot guarantee that the coins under review will be listed for trading. Investors seem to have shrugged off this warning and viewed the development as a positive.
Coinbase explained why it was making the announcement even though a decision was not yet finalized. According to the announcement posted on its blog, the exchange wanted to remain transparent with its customers about support for future assets.
Cardano [ADA] prices scale higher
Prices on Friday exhibited an uptrend, and support level was found at around $0.12. However, prices were unable to inch up to the key resistance level, found at $0.15. The current resistance level can be found at $0.14. As of 1247 GMT, the coin was trading 5.5 percent higher against the U.S. dollar at $0.14.
See also: Buying Cardano [ADA]? Read this first
At the time of writing, MACD was in the bullish territory while the 100 EMA line showed an uptrend.
However, data from CryptoCompare showed that ADA had dropped 9.6 percent in the last one week.
According to Smartereum, the one-year expectation for ADA’s price is around $2.5 while the forecast for five years is at $10, providing it with a significant upside.
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