Cardano Market Analysis: ADA holders will be able to stake their coins through Coinbase Custody soon. ADA/USD flies above $0.11–level

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  • Coinbase will allow ADA holders to stake their coins via Coinbase Custody by the end of this year. 
  • Cardano is in the process of refining its proof-of-stake model.
  • ADA/USD has gone up by 18.78% over the last two days.

IOHK, the company behind Cardano, recently said that Coinbase will allow ADA holders to stake their coins via Coinbase Custody by the end of this year. During Cardano’s 2020 Virtual Summit, IOHK said that its collaboration with Coinbase will permit ADA holders to stake their coins safely and securely through the exchange’s institutional storage offering.

As of Q4 this year, ADA holders will be able to store their assets in Coinbase Custody’s institutional-grade, battle-tested cold storage, whilst also maintaining the ability to delegate their stake.

It should be noted that Coinbase and Coinbase Pro still do not support ADA. Currently, Cardano is upgrading to a proof-of-stake (POS) model, which allows users to lock up their coins as stake and vote on overall network upkeep. 

ADA/USD daily chart

ADA/USD daily chart

ADA/USD jumped up from $0.1053 to $0.1180 this Tuesday as the bulls remained in control for the second straight day. In the process, ADA/USD has gone up by 18.78% over the last two days. 

ADA/USD has healthy support levels at $0.0974, $0.0887 (SMA 20), $0.0841 and $0.0789 (SMA 50). The MACD shows increasing bullish momentum. However, the RSI is trending inside the overbought zone, so bearish correction is around the corner.
 

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