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The market data is provided by the HitBTC[1] exchange.
Cardano is the seventh[2] largest cryptocurrency in terms of market capitalization. It has made a stellar comeback in the past few days on the back of its listing[3] on the Huobi exchange and introduction[4] of additional trading pairs on Binance exchange.
#Binance Adds ADA/BNB and ADA/USDT Trading Pairshttps://t.co/GmTUh2TsN1 pic.twitter.com/HDy7JxezGV[5][6][7]
— Binance (@binance)
Traders also seem to be bullish on the fundamental[9] front as many believe that it can become a major competitor to Ethereum[10].
So, what does the future look like?
Weekly chart
The ADA/BTC[11] pair has a short but volatile history. From the lows of 0.00000254 on November 02 of last year, it skyrocketed to an intraday high of 0.00009180 on January 04 of this year. That’s a staggering return of 3514 percent within a span of about two months.
Thereafter, from there, it entered into a downtrend, which saw it plunge 81 percent from the highs to 0.00001673 on March 18.
What can the investors expect from here on?
For the past five weeks, the digital currency is in a pullback, which has reached close to 23.6 percent retracement of the fall from 0.00009180 to 0.00001673.
After such a sharp decline, a ‘V’ shaped recovery is unlikely because traders who had purchased at higher levels and were watching their portfolio sink to a huge loss would
