Coinbase Announces Cardano Staking, ADA Breaks Bearish Jinx
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The blockchain protocol cryptocurrency reacted positively to the announcement, shooting up by double-digit gains to tap the $1.191 peak for the first time since February 8.
Coinbase’s addition of ADA to its staking offering is in line with the company’s growth plans for 2022, according to an official announcement from the giant exchange.
Coinbase explained that Cardano staking already existed for a while considering that the blockchain protocol already uses a proof-of-stake (PoS) consensus mechanism, but that the process could become “confusing and complicated” if it was executed independently. The exchange added that presently, though, it plans to simplify the process by allowing retail users to come aboard the Cardano network and earn rewards.
That said, the offering is now available for interested retailers, as estimates put the potential annual returns at 3.75% APY. Also, there will be an initial holding period of about 25 days for stakers. After that, customers are entitled to receive rewards every five to seven days.
Finally, the exchange noted that users hold absolute control of their assets and have the ability to opt-out whenever they feel like it.
Key Cardano Levels to Watch — March 25
ADA has finally snapped the $1 barrier and has tapped the $1.191 top following a four-day parabolic bull run. However, the cryptocurrency has retraced to the $1.100 support area, as bulls ran out of steam near the $1.200 resistance.
That said, the seventh-largest cryptocurrency has put the 100 EMA below it, securing a goodish bias despite the recent retrace. As we head into the weekend, I expect a mild bearish continuation towards the $1.050 support. After that, I expect to see a bullish rebound to the $1.200 – $1.250 range.
Meanwhile, our resistance levels are $1.150, $1.200, and $1.250, and our support levels are $1.100, $1.050, and $1.000.
Total Market Capitalization: $2.01 trillion
Cardano Market Capitalization: $38.4 billion
Cardano Dominance: 1.9%
Market Rank: #7
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