Cardano (ADA) posted a run to its all-time high on March 18 after renewed retail interest in the asset. It ultimately hit a price of $ 1.47 on Thursday based on TradingView data from the Kraken exchange – just before the all-time high of $ 1.48 set on Feb.27.
Cardano’s 1-hour chart shows that the asset has made higher lows and is showing an uptrend line since its correction. Price currently appears to have flipped the 50 period moving average (MA) to support this, at least at the time of writing. The price is currently $ 1.32. On its recent downtrend, ADA did not fall far enough to hit its 200-period MA.
On ADA’s hourly chart, the asset’s price fell nearly 20% to hit $ 1.18 after two tries at its record high on Thursday. ADA’s decline came around the same time as a similar, albeit significantly smaller, correction in Bitcoin price occurred.
The rise in ADA appears to be due to a March 16 announcement by US exchange Coinbase that ADA would be added to its Coinbase Pro platform. “Trading will begin on or after 9 a.m. Pacific Time (PT) on Thursday, March 18, when liquidity conditions are met,” the blog post said. ADA appears to be publicly traded at the time of publication.
A blog post today revealed that Coinbase has also added the asset to its Coinbase.com application and platform.
ADA is one of the largest crypto assets in terms of market capitalization.