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Analysis: Kraken Lists Cardano and Quantum

Kristina Frunze | Sep. 28, 2018
Analysis: Kraken Lists Cardano and Quantum

Kraken, one of the biggest cryptocurrency exchanges in the world, moves to list two trending altcoins on its platform - Cardano and Quantum. When will the trading in ADA and QTUM pairs begin?

28 September 2018 – San Francisco-based cryptocurrency exchange Kraken is planning to list both Cardano (ADA) and Quantum (QTUM) on its platform later today. Cardano is a leading Blockchain platform for building decentralized applications, while the Quantum is a platform for plug-and-play smart contract bringing functionality from Ethereum and Bitcoin.

Kraken Lists Cardano and Quantum

Kraken is looking into adding two new cryptocurrencies to its platform, while traders can expect those two assets to be available for trading already today, September 28, at 1 PM UTC. According to the announcement from the exchange, it will launch the following initial trading pairs for both the cryptos with USD, EUR, CAD, XBT, and ETH. 

The cryptocurrency exchange also noted that margin trading will not be available at launch for ADA or QTUM. However, this might be implemented in the near future, says the company.

Kraken also wrote in its official press release:

“Listing an asset or token on the exchange does not constitute an endorsement by Kraken, nor in any way a recommendation to buy (or sell) the asset or participate in the associated network. While we do extensive research in our evaluation of an asset before listing, we focus on aspects of the project’s legitimacy (it is not illegal and not a scam), and on the security and reliability of the settlement layer (our risk in allowing deposits and withdrawals of the token). Our research does not in any way consider whether the price is justified, or likely to go up or down in the future. Do your own research and invest at your own risk.”

ADA and QTUM Current Standings

In the meantime, both altcoins have gained significant listing momentum in the recent weeks. ADA and QTUM are now ranked 9th and 28th on Coinmarketcap.com.

ADA recently joined Abra, which is all-in-one mobile cryptocurrency wallet and trading platform. It also acquired a direct USD trading pair on Bittrex, which is the 36th largest cryptocurrency exchange in the world by trading volume.

Amandeep Sonewane, the Senior Market Analyst with AtoZ Markets, stated: 

"Cardano is trading near the $0.084 (+7.23%) according to Binance, with a market cap of $2.19 Billion. The technical indicators powerfully suggest the coin is undoubtedly a "Strong Buy." If the pair breaks strong resistance zone near the $0.090, then a rally towards $0.95 might be seen in coming days. Moreover, STOCHRSI (14) suggests the pair is overbought for now and remains at high volatility according to ATR (14) indicator."

Moving on to QTUM, the altcoin managed to land a listing on Circle Invest, which is retail cryptocurrency trading platform of Goldman Sachs- supported Circle. Amandeep Sonwane stated the following:

"Quantum is trading near the $0.039 mark and trending downwards today, with a day’s range of 0.039-0.044. The Engulfing bearish candlestick pattern suggests the coin uptrend has been hurt and the bears may be gaining strength in the 1D timeframe. In addition, the 100 EMA line is below the 200 SMA, which suggests the path of least resistance is to the potential downside. Thus, a bearish pull towards the weekly support zone i.e. $0.03719 might be experienced in the upcoming days.

ATR(14) value shows the pair is extremely volatile to trade for now and RSI(14) valued at the peak which suggests Quantum got overbought." 


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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.