- Cardano (ADA) is up 6% this week, thanks to the general crypto market uptrend.
- Coinbase launches Cardano futures on March 31, and Hashdex launches ADA into its Nasdaq Crypto Index US ETF.
- The key level of resistance to be watched is $0.80, and a breakout might trigger further increases.
Cardano (ADA) is seeing strong signs of a bullish trend, attracting attention as the entire crypto market is experiencing a bullish surge. ADA has increased by 6% over the last week, showing bullish momentum and a potential breakout. With Bitcoin’s rally fueling hopes in altcoins, Cardano is one of the biggest gainer in the uptrend of the market
Currently, ADA is trading at $0.717, with a 24-hour trading volume of $1.36 billion and a market capitalization of $25.27 billion. The price has seen a 1.26% increase in the last 24 hours.
Coinbase’s Expansion and ETF Inclusion Boost Sentiment
One of the key factors that could push ADA’s price up is the expansion of Coinbase into derivatives, as the exchange is set to list Cardano futures and Natural Gas futures on March 31. This not just raises ADA’s profile in front of institutional traders, it is also a sign of growing confidence in its long-term future.
In addition, Hashdex has reworked its Nasdaq Crypto Index US ETF to include ADA, which further solidifies its position in institutional portfolios. This step highlights the increasing recognition of Cardano as a valuable asset within the crypto space.
Could ADA Follow Ethereum’s Market Cap Surge?
Crypto analyst Sssebi compared Cardano’s growth curve to Ethereum’s previous cycle when ETH achieved a $500 billion market capitalization. Based on this past history and Cardano’s future potential, Sssebi projected that ADA could reach a similar valuation, which is about $15 per ADA.
However, beyond market hype, the world is transforming at a fast pace. With nations now proactively purchasing crypto, the sector is moving into a new era of adoption on a large scale, putting assets such as Cardano on the path to huge growth.
Short-Term Outlook: Key Resistance at $0.80
From a technical point of view, ADA still prints higher lows, which is a sign of persistent demand. The level to be monitored in the short term is the 50-day moving average level of $0.80. If it breaks out above the level of resistance, it might set the stage for a test of the upper trendline of the declining channel, which could be the next phase of ADA’s rally.
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