Cardano (ADA) Gains Fresh Coinbase Listing—Available for Institutional & Retail Users - Crypto News Flash
Coinbase Derivatives has received the green light to offer “CFTC-regulated futures for Natural Gas and Cardano (ADA)”. Analysts have predicted that this and the potential ADA ETF approval could send the price...
- Coinbase Derivatives has received the green light to offer “CFTC-regulated futures for Natural Gas and Cardano (ADA)”.
- Analysts have predicted that this and the potential ADA ETF approval could send the price to between $3 and $5 this cycle.
Cardano (ADA) reaches an impressive height as Coinbase officially launches CFTC-regulated futures for natural gas and ADA. According to the information shared on X, this development comes exactly two weeks after Coinbase confirmed its filing with the Commodity Futures Trading Commission (CFTC).
The self-certification with CFTC ensures that Coinbase asserts regulatory compliance with futures contracts. Technically, users would be able to gain exposure to ADA without necessarily holding it. The natural gas futures offering indicated in the announcement would also ensure that Coinbase can compete with traditional future exchanges.
Our research also shows that each futures contract is worth 1000 ADA, increasing participation and flexibility which is not available on the traditional spot market. Meanwhile, this milestone could also pave the way for a potential ETF approval from the US Securities and Exchange Commission (SEC). Currently, the Grayscale Investment is the only institution that has filed for a Cardano ETF. As mentioned in our previous news brief, the filing was done through NYSE Arca.
Cardano (ADA) Price Analysis
Soon after Coinbase’s announcement, the price of ADA surged from its daily low of $0.63 to $0.68. At press time, the asset had marginally declined to $0.67. However, its daily gains were still up by 3.9%. Traders are also increasing their daily activities as trading volume surges by 21% to hit $760 million.
According to crypto analyst Anonymous, ADA could surge by 900% to hit $3.80. On a good period, the analyst believes that the asset could reach $5.6. the analyst also believes that ADA is imitating the 2021 trend when the price surged by 1,420%, moving from $0.17 to $3.10.
In February, another analyst called Dan Gambardello predicted that ADA could hit $10. Similar to the analysis of Anonymous, Gambardello argued that the asset could mirror its historical movement. In the previous cycle, the assets surged from a $4 billion and $5 billion market cap to a $100 billion valuation. At that time, many investors doubted this possibility.
Per his observation, the current structure is similar to the previous one, where consolidation occurred before a breakout. Basing his prediction on technical analysis, Gambardello hinted that ADA has been forming an inverse head and shoulders pattern since December 2023.
Commenting on the current stagnation, Gambardello attributed this to the broader monetary conditions. As we reported last week, he also disclosed that the previous bull market coincided with “the rising Federal Reserve liquidity.”
Meanwhile, analyst Ali Martinez has also predicted that the asset could either break above the $0.77 level or drop far below the current level in the short term, as explained in our last analysis.
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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: [email protected] Phone: +49 160 92211628
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