Cardano is trading mostly steady early on Monday but markets remain hopeful that this cryptocurrency can break out of the range towards the upside despite the bearish moves in the overall market.
At the time of writing, ADA/USD is trading around 1.20.
In late February, Cardano (ADA) had experienced a spike of almost 63% within a single session, but prices crashed lower as investors booked profit in this digital currency. Since then, through March and most of April, it has traded within somewhat of a range, failing to experience too much of a bull run over recent optimism about the Coinbase listing on Nasdaq as well.
On the fundamentals’ side, things are looking promising for the cryptocurrency, over reports that 21SharesAG, a Switzerland-based fintech company, is planning to roll out ETPs based on Cardano from today. The investment product will also be available on the Stuttgart and Dusseldorf multilateral trading facilities (MTFs), and signals increasing acceptance among investors for the overall cryptocurrency market and for ADA as well.
On the technical front ADA/USD needs to take out the strong resistance at the $1.32 level for the bullish trend to gain strength once it manages to break past its current trading range. However, if this resistance holds and buyers are unable to take the price higher, Cardano could experience more selling pressure that can send its prices all the way down to $1 and possibly even lower in the near-term.
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