The trading platform Robinhood has just added a few cryptocurrencies to its platform but Cardano users appear to be dissatisfied that ADA is not one of them. The listing of Uniswap’s UNI token was first revealed by Robinhood earlier in July.
Along with the parody cryptocurrency Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL), and Compound (COMP) became live on the Robinhood platform in April. The trading app also included Chainlink in late June (LINK).
As a result, Robinhood has been considerably less cautious when it comes to listing new tokens in order to draw in more customers, as shown by the addition of the new cryptocurrencies over the previous several months. Whether Robinhood will list Cardano is still up for debate.
ADA Price Analysis
As investors awaited the Federal Reserve’s interest rate decision, the price of Cardano remained under pressure. ADA decreased by nearly 15% from its high this month to a low of $0.4525. Since then, it has partially rebounded to $0.4.50 levels
The digital asset attracted a notable fan base and keeps expanding in conditions when others struggle, but Cardano’s price dropped significantly from the all-time high it reached last year. Although there is still hope that it could rise back to $1.
If the bulls hold the $0.51 level, the Cardano price may start to rise and may even break over the top boundary of the channel. As a result, any further upward movement of the price in the direction of the channel might cause it to reach the possible resistance levels of $0.70, $0.75, and $0.80.
Analysts anticipate that the Fed will increase interest rates by another 0.75 percent for the second consecutive month. Cryptocurrencies have historically performed worse when interest rates are high. This also explains why Bitcoin and other cryptocurrencies have seen a significant decline in value this year.