How ADA reacted following a Robinhood listing ahead of Vasil upgrade

ambcrypto.com:

Leading cryptocurrency exchange Robinhood, on 1 September, announced the addition of Cardano’s ADA coin to its list of tradeable assets on the platform.

Data from CoinMarketCap revealed that the eighth largest cryptocurrency traded at $0.4573, with about a 2% growth in price in the last 24 hours. 

Although deemed by many to be a myth, the insignificant price action by ADA in the last 24 hours following the listing on Robinhood was an indication that the centralized exchange does not possess the same pull as Coinbase, where coin listings, more often than not, result in double-digit price rallies in under a day. 

With indications that the Vasil Upgrade is near, the listing is a welcome development within the Cardano Ecosystem that can help drive up the price of the network’s native coin following a significantly bearish last 30 days. 

So following the listing, how else has this leading coin fared in the past 24 hours?

With $146.81 million taken out of the entire cryptocurrency market in the last 24 hours, ADA liquidations within the same period make up 0.5% of the total amount removed.

In the last 24 hours, data from Coinglass showed that $677,000 worth of ADA was liquidated. Although logging a very minor uptick in price in the last 24 hours, liquidations were nothing out of the ordinary as well. 

Thus, indicating that the market reacted flatly to the news of the listing. 

Source: Coinglass

Moreover, ADA’s price movements on a daily chart revealed that coin buying on the network had lost some momentum.

The daily Relative Strength Index (RSI) stood at 44 in a downtrend. Also, far from the neutral 50 support, the coin’s Money Flow Index (MFI) was spotted at 39 at press time.

Furthermore, below the central (0.0) line, the dynamic