Posted on 18th Mar 2021 by the LSS team
As of 18th March, 2021 Coinbase has listed Cardano's ADA token for trading on their Coinbase Pro website. Having existed in the Top 10 since inception, Cardano followers have long pushed the largest cryptocurrency exchange in the US to list Cardano especially given its recent meteoric rise to the 3rd largest cryptocurrency by market cap behind Bitcoin and Ethereum.
Given many New York residents are limited to using Coinbase in place of other competitor exchanges (due to jurisdictional issues), many cite the fact that this extra liquidity usually spurs large upward moves in recently listed coins. For Cardano and following this initial announcement two days prior to the listing, ADA/USDT pair has increased by 40%:
...the ADA/BTC pair by 30%:
...and finally the ADA/ETH pair by 35%:
For those familiar with Long Short Signal's track record, you will know that we have been long ADA since early last year and have captured in excess of 6,000% gains using our long/short quantitative model's signals. With the upcoming and third remaining hard-fork event of Goguen, Alonzo, due to be implemented sometime in Q2, we expect this ability to develop smart contracts on their robust and peer-reviewed blockchain to keep the upward momentum fuelled.
Overall, our price target for ADA remains to be US$3-5 by the end of this year.