Cardano (ADA) is now listed on the stock brokerage app Robinhood, per the recent announcement on Thursday. The latest listing comes on the cusp of Cardano’s Vasil upgrade, which is expected to finally take place this September, according to Cardano creator Charles Hoskinson. Traders do not seem too excited about the listing. At the time of publication, ADA was changing hands at $0.454, marginally up in the last 24 hours despite the Robinhood listing and struggling to buck the broader bearish trend. After riding the bull market wave in 2021, Robinhood saw its shares plunge in 2021, with active users abandoning the platform. Its assets under custody declined by 37% in the second quarter of the year. In recent updates shared by Cardano’s IOG on the incoming Vasil update, Cardano is “well on its way to hitting” readiness metrics set by IOG to be reached to trigger the Vasil Mainnet hard fork.
Key Levels
Resistance Levels: $0.750, $0.600, $0.500
Support Levels: $0.421, $0.384, $0.274
ADA/USD Daily ChartADA’s recovery continues to slow down, while a correction is also anticipated around the lows of $0.421. To stop further losses in the event of sustained downside pressure, ADA/USD may need to confirm support at $0.384, far below the daily moving average (MA 50). Otherwise, ADA might be compelled to look for the next support level near $0.400, from which a rebound took place on July 13 if the price fails to hold the $0.450 level.
The MA 200 at $0.677 may be tested again by ADA if there is intense buying pressure. A definite edge for either the bulls or the bears is not shown by the relative strength index (RSI) reading slightly near the midpoint. A sustained surge past $0.536 may cause the ADA/USD pair to increase to $0.600 and ultimately to $0.75 if the trend shifts in favor of the bulls.
ADA/USD 4-Hour ChartIn the shorter time frame, ADA losses hit a low of $0.424 before recovering past the MA 50. The resistance level around $0.50 continues to be the next obstacle for the bulls in the near term. A rise above this level would swiftly drive Cardano toward $0.60, the area of earlier rejection. On top of that, the short-term price objective would be the pattern’s top, which is $0.595.
On the other hand, ADA might revisit lower support beneath the MA 50 at $0.421, if there is a fall below the MA 50 close at $0.450. A second breach below the horizontal support at $0.421 would have a catastrophic impact on ADA, possibly driving it to $0.384. Only when the ADA/USD pair is trading over the $0.550 level is it bullish.
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