Is Cardano (ADA)'s Addition to the Bloomberg Terminal a Bullish Signal?

On March 15, Cardano was added to the Bloomberg Terminal list of support assets. 

The Bloomberg Terminal, which provides financial service users and professionals in other industries with a platform for real-time monitoring and analysis of real-time financial market data, is a computer software system provided by the financial data provider Bloomberg LP. The price for a membership for Terminal ranges from $20,000 to $40,000 per month.

But it seems that the addition is only the definition of the token, not the price data. This move has undoubtedly helped expand ADA's visibility and expose it to thousands of institutional investors. What’s next for Cardano?

With Bitcoin(BTC) hitting a new all-time high(ATH) of $61,781, the cryptocurrency has encountered strong selling pressure. At present, Bitcoin has retraced by more than 11%. At the time of writing, BTC has fallen below the 55K mark and is trading at $54,626.

Although the altcoin market has traditionally been highly correlated with Bitcoin, the bullish and bearish behaviours of altcoins are not consistent. Looking back on the past 24 hours, the dominant Bitcoin suffered more losses than altcoins, with a decline of up to 9%.

However, in tandem with the mainstream cryptocurrency's price plunge, Cardano(ADA) also fell by 3.11% within 24 hours.

Cardano(ADA) Price Analysis

Source: ADA/USD Daily via TradingView

At the time of writing, ADA was trading at $1.091 with a market capitalization of around $32,805,613,822.

It can be seen from the daily candlestick chart that the price of Cardano has been fluctuating within a narrow range of $1 to $1.23 in the past week. There is not enough bullish momentum in the market to make the price stand above the 9-day Moving Average line.

Low trading volume may lead to increased horizontal volatility for ADA, which may gradually test the support level downward.

If ADA shows strong bullish momentum in the short term and breaks through the 23.6% Fibonacci Retracement level of $1.2387, then the price of ADA will be able to reverse and hit its all-time high of $1.485 in the next week. However, the price of ADA is likely to fall to the first support level-a 50% Fibonacci retracement level of $0.96. If it falls below this support level, then the next support level is a 61.8% Fibonacci Retracement level of $0.8366.

The MACD indicator illustrates bearish sentiment in the ADA market. The blue MACD line has crossed from the top to the yellow Signal line, formed a bearish crossover, and there is currently no reversal. The signal line is still hovering above the MACD line. Both lines are currently on the zero axes.