Altcoins

Will Robinhood List Cardano Anytime Soon? Here’s What the Community Thinks

Written by: Elena R

Written by right arrow

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

  • author twitter

Jul 29, 2022

news-image

The trading platform Robinhood has just added a few cryptocurrencies to its platform but  Cardano users appear to be dissatisfied that ADA is not one of them. The listing of Uniswap’s UNI token was first revealed by Robinhood earlier in July.

Along with the parody cryptocurrency Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL), and Compound (COMP) became live on the Robinhood platform in April. The trading app also included Chainlink in late June (LINK).

As a result, Robinhood has been considerably less cautious when it comes to listing new tokens in order to draw in more customers, as shown by the addition of the new cryptocurrencies over the previous several months. Whether Robinhood will list Cardano is still up for debate.

ADA Price Analysis

As investors awaited the Federal Reserve’s interest rate decision, the price of Cardano remained under pressure. ADA decreased by nearly 15% from its high this month to a low of $0.4525. Since then, it has partially rebounded to $0.4.50 levels

The digital asset attracted a notable fan base and keeps expanding in conditions when others struggle, but Cardano’s price dropped significantly from the all-time high it reached last year. Although there is still hope that it could rise back to $1. 

If the bulls hold the $0.51 level, the Cardano price may start to rise and may even break over the top boundary of the channel. As a result, any further upward movement of the price in the direction of the channel might cause it to reach the possible resistance levels of $0.70, $0.75, and $0.80.

Analysts anticipate that the Fed will increase interest rates by another 0.75 percent for the second consecutive month. Cryptocurrencies have historically performed worse when interest rates are high. This also explains why Bitcoin and other cryptocurrencies have seen a significant decline in value this year.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Related Articles

Back to top button