Cardanos $1.5 Price Target: Coinbase Futures Launch Changes Everything
- Coinbase Derivatives launches Cardano futures, expanding its market reach and aiming for increased ADA adoption and price stability.
- ADAs price forms an ABCDE triangle, with a potential bounce from the 0.5-0.618 Fib zone signaling a possible rise to $1.5.
- Trumps crypto reserve mention and Hoskinsons tech giant prediction add bullish sentiment to ADAs market presence.
Coinbase announced the launch of Cardano futures on Coinbase Derivatives, potentially accelerating adoption and contributing to price stability. The CFTC filing shows the exchanges plan to self-certify Natural Gas (NGS) futures and ADA futuresexpanding its offerings in both energy and crypto derivatives markets. The product is slated to go live by Monday, March 31, on their platform.
This means that the financial contracts underlying assets will be natural gas and ADA. Also, the Commodity Futures Trading Commission (CFTC) is the U.S. government agency that oversees commodity futures and options markets. Coinbase Derivatives filing with the regulator would enable them to offer these contracts to US customers in compliance with CFTC regulations.
Talking about the underlying assets, as a globally traded commodity, natural gas futures (NG) will allow traders to hedge or speculate against the stocks future price. Coinbases integration of this natural resource is seen as a strategic expansion into the traditional energy commodity market.
On the other hand, offering Cardano futures highlights the exchanges move to diversify its financial products range, aiming to capture both traditional and cryptocurrency traders.
Cardano Navigates the ABCDE Triangle for $1.5 Target
From the price point of view, ADA technically is in a consolidation zone, marked by an ABCDE triangle. Market analysts have identified a C wave down, which signifies a short-term bearish move. From this point, the token is expected to go upwards in the D wave and then downward in the E wave, closing the triangle pattern.
Traders should keep a close eye on the 0.5-0.618 Fibonacci retracement zone. A bounce from this level could trigger an upside potential to $1.5. While the overall tone of the technical analysis sounds bullish, traders should implement appropriate risk management strategies like setting stop-loss orders below the 0.618 Fib level.
Meanwhile, the leading token continues to gain market attention after Trump recently tweeted a gentle reminder that he hasnt forgotten the US strategic crypto reserve, which will include $ADA. To add to that, Cardano founder Charles Hoskinson continues to double down on ADAs adoption, saying, Once the stablecoin bills are passed, Apple, Google, and other tech giants will jump into crypto.
Read more: https://www.tronweekly.com/cardano-coinbase-futures-launch/
Text source: TronWeekly
