Why Cardano (ADA) Could Be Gearing Up For A Rally
Cardano (ADA) price has struggled tremendously since it hit its all-time high price of $3.10 back in 2021. Even now, with the crypto market recovery, ADA has not made as many gains as others in the market as indicators...
Cardano (ADA) price has struggled tremendously since it hit its all-time high price of $3.10 back in 2021. Even now, with the crypto market recovery, ADA has not made as many gains as others in the market as indicators point largely toward bearishness for the digital asset. However, a new development could see a recovery in the price ofCa Cardano.
FTX Plans To List ADA
FTX remains the only one of the largest crypto exchanges that are yet to list Cardano. Obviously, this has not gone over well with members of the community who have continued to inquire why the exchange was yet to list the digital asset for trading.
One of such inquiry was recently targeted at FTX CEO Sam Bankman-Fried (SBF) who gave an explanation as to why this was the case. The tweet asked why the exchange was listing lesser-known tokens for trading and yet continued to pass up ADA, which is currently a top 10 cryptocurrency by market cap.
SBF’s response to this was that the crypto exchange was actually working on adding Cardano for trading. However, he referred to the blockchain as being “new”, so they were still working on integrating it into the platform in the near future.
working on ADA! It's a new blockchain which takes some time to implement but we'll be there soon
— SBF (@SBF_FTX) November 2, 2022
The FTX CEO further clarified that he did not mean that the blockchain was actually “new” but that he meant that it was “new” because it was not yet on the platform.
Why This Is Good For Cardano
For any cryptocurrency, listing on an exchange can trigger a rally in the price of the digital asset. For Cardano, it is no different because a listing on FTX would bring more liquidity and thus, lead to a surge in price due to the hype that follows such as listing.
ADA price trending at $0.39 | Source: ADAUSD on TradingView.com
If the FTX crypto exchange, does stick to its promise and lists the digital asset soon, then it is possible that ADA could rally in line with the rest of the market. This would definitely put it above the $0.4 level while registering support as well.
The bull case for Cardano seems to be shared by investors in the asset. According to Coinmarketcap’s Price Estimates feature, investors expect the price of the cryptocurrency to reach as high as $0.5 before the end of November. A listing on FTX would definitely help to solidify this bull case for the digital asset.
ADA is currently trading at $0.39 at the time of this writing. It remains the ninth largest cryptocurrency with a market cap of $13.7 billion.Featured image from Crypto News, chart from TradingView.com
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