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Cardano (ADA) just scored a major milestone with its listing on the global brokerage platform Interactive Brokers.

The Cardano (ADA) price has seen some weakness recently as the token continues to consolidate after a strong rally earlier in the year.

This weakness is highlighted by the Chaikin Money Flow (CMF) which remains in negative territory.

As of press time, the CMF stands at -0.09, indicating that capital outflows from ADA have outpaced inflows over the past few days.

This aligns with the broader trend in the market which has seen crypto prices come under pressure as risk appetite sours.

Despite the bleak outlook, ADA could still find a floor at the $0.60 range.

If the selling pressure abates and there are signs of technical oversold conditions, then we could see a rebound towards the $0.80 range.

However, if the CMF falls further and breaches the -0.12 level, then it could open the door for further weakness towards the $0.40 range.

This level is significant as it was the low point for ADA during the February sell-off.

In the short term, the Relative Strength Index (RSI) on the 4-hour chart suggests that ADA may be approaching oversold territory.

The RSI is currently at 45, which is mid-range and indicates that neither bulls nor bears have a clear upper hand.

However, if the RSI falls below 40, then it could signal that the bears are gaining momentum and that further weakness is likely.

Overall, the technical indicators suggest that ADA may be due for a rebound in the near term, especially if the CMF manages to rise above the neutral zero line.

However, the broader market trends and the lack of immediate bullish catalysts suggest that any rebound may be limited.

If broader market sentiment fails to improve and further selling pressure mounts, then ADA could revisit the $0.60 range.

This level was last seen on February 28 following an unusually sharp selloff which saw the token lose over 20% in a single day.

Cardano Listing on Interactive Brokers Marks Milestone for ADA

In a significant development for the Cardano ecosystem, the token’s listing on the global brokerage platform Interactive Brokers has been announced.

Known for its diverse range of investment products and institutional clientele, Interactive Brokers provides Wall Street investors with a new and direct channel to gain exposure to ADA.

This listing is one of the most significant moments for Cardano in 2024 so far.

It positions the token for greater mainstream visibility and adoption as it becomes accessible to a broader audience within the traditional finance domain.

The listing also includes XRP, Solana, and Dogecoin, expanding the crypto offerings available on the platform.

Interactive Brokers began supporting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in 2021.

This integration marks a further step in expanding its digital assets portfolio.

Cardano Price Capitulates

The news comes amid continued price weakness for ADA.

Despite the bullish implications of the listing and the broader crypto market showing some signs of recovery, the token has yet to capitalize fully.

At press time, ADA is trading at $0.7325, down 4.24% over the past 24 hours.

Over that same period, ADA has fluctuated between a low of $0.7219 and a high of $0.7528, indicating some intraday volatility.

However, in the short-term, the trend is down as the token trades below both the 20 SMA and the 50 SMA.

This weakness is also highlighted by the Chaikin Money Flow (CMF) which remains in negative territory.

As of press time, the CMF stands at -0.09, indicating that capital outflows from ADA have outpaced inflows over the past few days.

This aligns with the broader trend in the market which has seen crypto prices come under pressure as risk appetite sours.

Despite the bleak outlook, ADA could still find a floor at the $0.60 range.

If the selling pressure abates and there are signs of technical oversold conditions, then we could see a rebound towards the $0.80 range.

However, if the CMF falls further and breaches the -0.12 level, then it could open the door for further weakness towards the $0.40 range.

This level is significant as it was the low point for ADA during the February sell-off.

In the short term, the Relative Strength Index (RSI) on the 4-hour chart suggests that ADA may be approaching oversold territory.

The RSI is currently at 45, which is mid-range and indicates that neither bulls nor bears have a clear upper hand.

However, if the RSI falls below 40, then it could signal that the bears are gaining momentum and that further weakness is likely.

Overall, the technical indicators suggest that ADA may be due for a rebound