How ADA reacted following a Robinhood listing ahead of Vasil upgrade
ADA reaction on Robin hood listing
Modified Date:- Published Date:-Categories: Cryptocurrency
How ADA reacted following aRobinhood listing ahead of Vasil upgrade
Leading cryptocurrency exchangeRobinhood on September 1 announced the addition of Cardano's .ADAcoin to its list of tradable assets on the platform. Although this isconsidered by many to be a myth, the insignificant price action by ADA inthe last 24 hours following the listing on Robinhood was a sign that thecentralized exchange does not have the same vibe as Coinbase,where coin listings are, more often than not, less than a day. Results in adouble digit price rally in time.
With indications that the VasilUpgrade is near, the listing is a welcome development within the CardanoEcosystem that can help drive up the price of the network’s native coinfollowing a significantly bearish last 30 days.
ADA has thesetales to tell
With $146.81 million taken out of theentire cryptocurrency market in the last 24 hours, ADAliquidations within the same period make up 0.5% of the total amount removed.In the last 24 hours, data from Coinglass showed that $677,000 worth of ADAwas liquidated.
Although the price registered a veryslight increase in the last 24 hours, the liquidations were also nothingdifferent from normal. Furthermore, the price movements of ADA onthe daily chart showed that some momentum was lost by buying the coin on thenetwork. The Daily Relative Strength Index (RSI) remained in the downtrend at44.
Moreover, the money flow index (MFI)of the coin was clocked at 39 at press time, far away from the neutral 50support. Furthermore, below the central (0.0) line, the ADA'sChaikin's dynamic line of money flow (green) was pegged at -0.19 at press time.All this means that despite being listed on Robinhood, the buying pressure for ADAhas eased over the past 24 hours.
Although the date of the Vasil hardfork is unknown, a weekly update provided by Input Output Global (IOG),developers of the Cardano blockchain, shows that the date isnear. According to data from Sentiment, searches for the word "vasil"have increased significantly over the past few weeks.
This was an indication that despitethe constant decline in ADA’s price and postponement of the Vasilhard fork, the upgrade remains highly anticipated. Red Alert Although ADA’sOn-Balance-Volume (OBV) has grown steadily since June, indicating thatbuyers continue to accumulate, the coin logged a sharp drop in its Mean CoinAge on 23 August. Such declines usually indicate an increased movement of ADAbetween addresses. And, a slowed network-wide coin accumulation.
Cryptocurrency exchange, ADA, Cardano Ecosystem, coin, OBW, IOG, OBV, Crypto market, Price Network, Vasil Upgrade