Cardano’s Token ADA just hit a 2-year high in early Wednesday trading session after the Coinbase custody integration. The ADA/USD exchange rate reached $0.138 as traders shifted their focus on Coinbase Custody announcement of support towards ADA, so let’s find out more in the upcoming Cardano ada news.
Cardano’s token ADA is among the top performers in the crypto space this year. The sixth-largest cryptocurrency established a new 2020 high at $0.138 which is the best level since August 2018. The jump pushed the year-to-date high above 300 percent, surpassing Chainlink and VeChain in the same time period. ADA outperformed other top tokes including bitcoin and Ethereum. The Gains took cues from a confluence of bullish fundamental and technical catalyst and with the virtual summit last week, IOHK announced a new partnership with Coinbase Custody.
IOHK confirmed that the new partnership will see Coinbase Custody supporting ADA and staking it later in 2020. In the meantime, the firm also stated that it expects to launch “Shelley” the pool of stake protocol by the end of this month. It will line up with the inflation rewards that will be available from August. The latest announcement reflected on Cardano’s market bias and the ADA/USD price pair rate increased by an amazing 77 percent from its late-June low, with increasing momentum after the Coinbase partnership.
The more bullish sentiment comes from the broader crypto market as the coins from the top tier surged in sync thanks to the rally led by the Federal Reserve stimulus policy to help the US economy during the Coronavirus pandemic lockdown. ADA surged 180 percent during the period of the Fed’s easing programs. A huge price rally for ADA could put the profit-taking scenario at risk where the traders exit their bullish positions to secure short-term profits instead of betting on upside continuation. It seems that ADA’s price increase from its YTD top-level signals the same. Cardano’s integration however could pose a medium-term bullish setup.
It is hard to avoid the performance of other tokens before getting integrated into exchange-backed custodial services. Tezos for example, surged immensely this year after multiple exchanges announced support for its staking. Cardano could be in a similar position this year. ADA’s next resistance level is set at $0.171.
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