Cardano Price Analysis: ADA Surges Following Bloomberg and Coinbase Pro Listing

Last Updated July 23rd 2021
2 Min Read

Daily Cardano ADA Price Forecast
  • Cardano price has surged by ~23% over the last 48 hours.
  • 20-day SMA has been flipped from resistance to support.

Over the last two days, news came out that Cardano had got listed on both Bloomberg Terminal and Coinbase Pro. As a result, ADA has jumped up by a significant amount. Let’s take a closer look with technical analysis.

Cardano Price Shoots Up By ~23%

Over the last two days, the Cardano price has jumped from $1.03 to $1.27, gaining nearly $0.25 in overall valuation. This upward surge has had two positive impacts:

  1. The 20-day SMA has flipped from resistance to support. 
  2. The MACD looks to reverse from bearish to bullish.

However, ADA has failed to break above the  $1.30 resistance barrier despite repeated tries.

ada/usd daily chart 031821

Image: ADA/USD daily

There is a lack of strong resistance barriers on the upside for the Cardano price. On the downside, there is a healthy support at $1.15 wherein 150,000 addresses had previously purchased almost 5.5 billion ADA tokens.

ada/usd volume chart 031821

Image: IntoTheBlock

Cardano To Host Digital Healthcare Platform

Ask The Doctor, a popular digital healthcare platform, is switching its AskToken from the Ethereum blockchain to Cardano. Ask The Doctor allows users to earn crypto by learning about basic healthcare. They can these coins to pay for doctors and medication. 

The AskToken is a joint venture between Ask The Doctor and FD7 Ventures, a cryptocurrency investment fund. Prakash Chand, a founding member of both Ask The Doctor and FD7 Ventures, said: 

Imagine a world where those who can’t afford basic healthcare now have the opportunity to both gain valuable health-related education while getting rewarded with a digital currency that allows them to pay for doctors and medication.

The AskToken will be deployed in Africa before launching in other parts of the world. IOHK (the firm behind Cardano) already has a presence in Africa. Because of this and Ethereum's high gas fees, the company is switching to Cardano. Chand has already had preliminary meetings with the IOHK team. 

Recently, FD7 Ventures liquidated $750 million in Bitcoin to purchase stakes in Cardano and Polkadot. Chand says he believes in Cardano-founder Charles Hoskinson and the mission of the IOHK team: 

I love the business philosophy that Charles has. He is passionate about using Cardano to make the world a better place. It’s a refreshing change from hearing Bitcoin investors just talk about price and profits all day long. 

Cardano Price Is Expected To Reach These Levels

If the Cardano price conquers the $1.30 resistance barrier, it should be able to reach $1.50 psychological level.

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