Cardano’s price shows negative bearing as it has been moving downward. The weekly chart is mostly in red.
ADA resistance key identified at $0.4694 Cardano price rises by 3.74%.
Fed tensions have had a detrimental influence on the crypto market, especially the price of ADA.
Following a recent market downturn, ADA ran across resistance around $0.4694. Following the latest report on Vasil adoption, the Cardano (ADA) rollercoaster hit another high note on August 27. But at the moment Cardano’s price shows negative bearing.
Cardano Price Is Up By 3.74%
According to CoinMarketCap, the price of ADA has risen by 3.74% and is currently trading at $0.4506.
Approximately 69% of Cardano’s staking pool operator nodes have just been updated to version 1.35.3. The community is still waiting for at least 6% more to begin Vasil implementation.
Cardano had a solid start to the week until the crypto markets dropped following Powell’s remarks. Since then, several notable crypto assets have suffered red flashes in the last day.
ADA has dropped dramatically after being among the best-performing assets in the market this week. As of Saturday, it has dropped 8.31% in the previous day’s trade to $0.43. As on August 26, the incidents had helped the ADA overcome its hesitancy.
The Twitter thread implied that the Vasil hard fork, which had been delayed for several months, will be arriving shortly. Furthermore, the SPOs operating node 1.35.3 would create more than 40% of the mainnet blocks all of a sudden.
When compared to previous weeks, some significant progress has been accomplished.
These changes were reflected in the price movement of ADA, which increased on August 26 after a week-long decline.
However, as of August 27, ADA has decreased. The price of ADA fell, while the number of development initiatives increased.
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ADA Chart Down But Shows Upcoming Surge
On the ADA’s four-hour chart on August 26, an ascending triangle pattern developed. This might be a sign of an upcoming rising trend.
Nonetheless, the market’s bearish advantage was about to vanish, as shown by the 20-day EMA approaching the 55-day EMA.
Furthermore, Bollinger Bands revealed that the price of ADA was restricted. As a result, ADA may determine whether to bet on the bulls or bears in the next few days by considering all of the developments as well as the alt’s current price.
Given the current status of the market, the ADA coin’s recent fall cannot be attributed to network performance.
As the Fed’s tensions relax, investors in the Cardano community might expect some relief shortly.
It’s fascinating to see some Twitter reactions criticizing Fed Chairman Powell for his most recent words.
A rise in the cost of ADA is simply a matter of “when,” not “if,” in the coming weeks.
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