What Next For ADA Price Ahead Of Robinhood Listing Cardano?
Blockchain Cardano’s Vasil Upgrade has been confirmed for September 22. Initially, the hard fork had been scheduled for a June release but was postponed due to disruptions.
On September 1, the leading cryptocurrency exchange – Robinhood announced the addition of Cardano’s ADA coin to its list of tradable assets on its platform.
CoinMarketCap data reveals that Cardano has been trading at $0.47, with a 3% growth in price over the last 24 hours.
The insignificant price reaction by ADA was an indication that the centralized exchange does not possess the same pull as Coinbase. On Coinbase, a coin’s listing results in double-digit price rallies for the asset in under a day.
With the announcement that the Vasil Upgrade is set to happen this month, the listing is a welcome development within the Cardano Ecosystem that can help propel the price of the network’s native coin upward, following a significantly bearish trend last month.
Notably, $146.81 million was taken out of the entire cryptocurrency market in the last 24 hours. ADA liquidations within the same period made up 0.5% of the total amount removed.
The last 24-hour data from Coinglass showed that $677,000 worth of ADA was liquidated. Considering the minor improvement in price in the last 24 hours, liquidations were not major either. This hints that there wasn’t a lot of market hype with respect to the news of the listing.
No Impact on ADA Price
ADA’s price movements on the daily chart showed that coin-buying on the network had lost some momentum.
The daily Relative Strength Index (RSI) was at 44 in a downtrend. Also, the coin’s Money Flow Index (MFI) was spotted at 39 at press time far from the neutral 50 support.
Additionally, below the central (0.0) line, the dynamic line (green) of ADA’s Chaikin’s Money Flow was pinned at -0.19.
Hence, we may imply that even after its listing on Robinhood, the buying pressure for Cardano (ADA) had dwindled in the last 24 hours.
According to Santiment’s data, the search for the term “Vasil” has increased tremendously over the past few weeks. This hints that even after the constant decline in ADA’s price and postponement of the Vasil hard fork, the upgrade remains highly anticipated.
Investors To Exercise Caution
Notably, ADA’s On-Balance-Volume (OBV) has grown steadily since June, indicating that buyers continue to accumulate. But still, on August 23, the coin logged a sharp drop in its Mean Coin Age.
Such downfalls usually indicate an increased movement of ADA between addresses and a slowed network-wide coin accumulation.
Therefore, with a further downside in price imminent, caution is advised.
Cardano’s Upgrade Coming Up this Month!
On Friday, a tweet thread announced that the Cardano blockchain’s Vasil hard fork upgrade is now scheduled to take place on its main network on September 22, Input-Output (IOG), the blockchain’s development lab.
“VASIL UPGRADE: DATE CONFIRMED
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the Vasil upgrade on the #Cardano mainnet.”