• Sat. Apr 13th, 2024

How Cardano (ADA) Responded to Robinhood Listing Ahead of Awaited Vasil

Johan Poulsen

ByJohan Poulsen

Sep 3, 2022

Leading crypto exchange Robinhood revealed adding Cardano (ADA) to its tradeable assets on September 1. Coinmarketcap data shows the alternative token changed hands near $0.4573, following a nearly 2% price growth within the past 24 hours.

Though most consider it a myth, the minor price actions in $ADA within 24 hours of Robinhood listing indicated that the centralized exchange doesn’t have a similar pull to Coinbase, where token listing often records double-digit gains within a day.

While waiting for the impending Vasil hardfork, the Cardano Ecosystem has welcomed the listing as a development that might help propel the native token high. That comes as ADA witnessed substantial bearishness within the past 30 days.

Meanwhile, how else has the altcoin performed within the past day after the listing?

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ADA’s Tale

With about $146.81 million withdrawn from the entire crypto market over the past 24 hours, Cardano liquidations (in that timeframe) accounted for 0.5% of the removed amount. Coinglass data shows ADA worth $677,000 endured liquidations in a day.

Though the price saw a slight upside over the past 24 hours, liquidations weren’t ordinary. That indicated that the market responded to the listing news flatly.

Furthermore, Cardano’s price actions on the 24hr chart showed the network lost some momentum in token buying. The RSI (Relative Strength Index) maintained downtrends at 44.

Also, the MFI (Monet Flow Index) remained far from its neutral support at 50, hovering at 39 during this publication.

Furthermore, the asset’s CMF (Chaikin Money Flow) has its dynamic line beneath the 0.0 central, reading -0.19 during this publication. These indications show ADA’s buying pressure waned within 24 hours despite Robinhood’s listing.

Although the project is yet to confirm Vasil’s official date, weekly updates from Cardano developers IOG (Input Output Global) show the upgrade is near. Meanwhile, Santiment data shows the ‘Vasil’ word search noted tremendous growth within the last few weeks.

That shows the community highly anticipates the upgrade regardless of ADA’s price slump and Vasil hardfork postponement.

Red Alert

Though Cardano’s OBV (on-balance volume) grew steadily since June, confirming buyers continue to purchase, the altcoin noted a quick dip in Mean Coin Age on August 23.

Such drops suggest increased ADA movements between addresses plus decelerated network-wide token accumulation. Hence, caution is paramount as ADA could see more downside.

Johan Poulsen

Johan Poulsen

Johan Poulsen is a skilled news writer known for his concise and informative reporting. With a passion for uncovering the facts, his articles provide readers with well-researched insights and a comprehensive understanding of the latest developments across various topics.

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