Cardano (ADA) is one of the cryptos that have been hit the most by the crypto bear run that started in January. However, this could be about to change, after eToro added it as one of the cryptos that will be traded on its platform. While eToro core focus is not crypto, they have an impact on price. For instance, when they added the EOS (EOS) the price spiked. Cardano too is in the green after eToro added them to their platform. It is currently up by 1%, and seems to be gaining even further, as it looks set to test $0.20. This is quite interesting given that the price wasn’t affected by Bithumb listing.
The main reason why eToro is having an impact on Cardano (ADA), while Bithumb didn’t is because eToro is a forex platform, and forex is better known to most people all across the world than crypto. There are so many people who can navigate their way around a forex broker, but would have a hard time figuring their way around a crypto exchange, with all the addresses involved. As such, Cardano today most likely gained a whole new audience that it didn’t have earlier along. This audience is made up of people who are interested in crypto, but don’t exactly know how to go about it.
On top of that, eToro is now probably active in buying Cardano as a hedge to their Cardano (ADA) CFD holdings. That’s because while they don’t actively have to buy Cardano, if the volumes of Cardano CFD buy orders increase to huge levels, eToro would have to buy actual Cardano in the market, and this is driving up optimism.
EToro aside, Cardano is trading at a level that investors believe is long-term support. After losing close to 80% of its value from its all-time highs of over $1, Cardano has entered a strong buy zone. It is trading in a region where it presents investors with a good risk-reward ratio. That’s why even after last week’s drop, Cardano still held at around $0.15- $0.20 level, a level that it has held for some time now.
In short, Cardano is trading at a level where further downward slide is highly unlikely, considering all the advances that the team has achieved so far. For instance, last week they struck a deal with South Korea payments company Metaps. Under this deal, Cardano will be used at over 33,000 stores all across South Korea. The Cardano team has also worked on an updated paper wallet, for the safe storage of Cardano (ADA). These are huge developments that are supporting the price of Cardano no matter what happens in the rest of the market at the moment.
In essence, Cardano (ADA) offers the best entry position for a long-term investor at the moment. There is a lot going on with Cardano that at a price of less than $0.20, it is highly undervalued. Once the whole market rebounds, Cardano (ADA) could easily push up to a high of over $10. It has all the right fundamentals for such a huge upside push.