Here’s Why the Cardano (ADA) Price Could Spike This Week
Speculation surrounding the potential listing of Cardano’s native cryptocurrency, ADA, by the US-based exchange Gemini is gaining momentum. Co-founder Tyler Winklevoss recently hinted that an announcement could be imminent, which, if confirmed, has the potential to invigorate liquidity and generate upward price momentum for the digital asset.
As ADA reached its peak price of over $1.10 at the beginning of March following a positive endorsement from US President Donald Trump regarding a strategic crypto reserve that includes ADA, the cryptocurrency community buzzed with excitement. Unfortunately, this high was short-lived, as the token soon faced significant corrections, with current trading values now hovering around $0.73, according to CoinGecko.
The speculation around Gemini’s imminent listing functioned as a beacon of hope for ADA supporters, particularly as leading cryptocurrency exchanges began incorporating ADA into their offerings. Winklevoss’s recent remarks suggest that Cardano could soon be added to Gemini, potentially elevating its liquidity and market accessibility while alleviating the bearish trend it has faced in recent days.
Earlier announcements from Gemini indicated that substantial news was forthcoming, with March 13 earmarked as a date for revelations. User reactions on social media platforms indicate a prevailing belief that the forthcoming news pertains to ADA’s anticipated listing, validating the optimism in the market.
As ADA has yet to be adopted by major exchanges like Gemini, it remains an outlier compared to rivals such as Binance, Coinbase, Kraken, and others who have already onboarded the token.
Despite recent declines, many financial observers argue that ADA’s price drops are merely a temporary housing amidst a broader bullish outlook. Analysts and traders highlight that the recent pullback presents an opportunity rather than a representation of market weakness. The social media influencer Bitcoin Buddha emphasized the importance of patience, noting that Cardano’s price re-testing critical support levels could signal a coming recovery rather than an end to its upward trajectory.
In light of positive developments and market speculation, ADA finds itself at a pivotal juncture, potentially ready to capitalize on any positive news that solidifies its presence on leading exchanges and strengthens its market standing.
