Cardano Price Trajectory Signals Negative Bearing, Weekly Chart Mostly In Red
August 28 2022 - 12:50AM
NEWSBTC
The price movement of Cardano (ADA) has been in the negative
direction, and the seven-day chart was predominantly red. ADA
resistance key seen at the $0.4694 level Cardano price up by 3.74%
Fed tensions negatively impacted crypto market; including ADA price
Following a recent market correction, ADA encountered resistance at
the $0.4694 level. After the latest report on Vasil adoption, the
Cardano (ADA) rollercoaster this week has struck another high chord
on August 27. Related Reading: Shiba Inu Burn Events Spark A Rally
In Altcoin Over The Past Weeks Cardano (ADA) Price Up by 3.74%
According to CoinMarketCap, ADA price has skyrocketed by 3.74% or
trading at $0.4506 as of this writing. Most of Cardano’s staking
pool operator nodes have upgraded to version 1.35.3 as of late, or
about 69%. To begin Vasil implementation, the community is still
awaiting at least 6% more. Interestingly enough, Cardano had a
strong start to the week until the crypto markets fell after
Powell’s speech. Since then, prominent crypto assets have
experienced red flashes over the course of the last day. After
being among the best-performing assets in the market this week, ADA
has suffered significantly. It has decreased 8.31% in the last
day’s trading to $0.43 as of Saturday. As of August 26, the events
assisted ADA in overcoming its reluctance. Related Reading:
Polkadot Dev’t Activity Up In Last 7 Days, Despite Steady Drop In
DOT Price The Twitter thread hinted that the Vasil hard fork date,
which had been postponed for several months, would soon be here.
Additionally, the SPOs operating node 1.35.3 would suddenly produce
more than 40% of the mainnet blocks. Comparing this to the prior
weeks, it can be said that some good development has been made.
These changes were mirrored in the price movement of ADA, and as of
August 26, ADA experienced an increase following a week-long
decrease. But as of August 27, ADA had experienced a decrease. The
price of ADA dropped, but the amount of development activities
surged. Chart: Santiment ADA Chart Bleeds But Shows Upcoming Surge
On August 26, an ascending triangle pattern appeared on the ADA’s
four-hour chart. This might foreshadow an impending upward trend.
Nevertheless, the market’s negative advantage was set to disappear
as hinted by the 20-day EMA moving near the 55-day EMA.
Additionally, the Bollinger Bands indicated that the price of ADA
was in a constrained area. Therefore, ADA can decide whether to bet
on the bulls or bears in the coming days by taking into account all
the changes and the alt’s current price. Given the state of the
market, the most recent decline of the ADA coin cannot be blamed to
network performance. As the Fed tensions ease, investors in the
Cardano community can be sure that they will get some comfort soon.
It is interesting to observe certain responses on Twitter, where
they criticize Fed chief Powell for his most recent statements. In
the weeks ahead, a hike in the cost of ADA is only a matter of
“when,” not “if.” BTC total market cap at $15.12 billion on the
daily chart | Source: TradingView.com Featured image from Portal do
Bitcoin, chart from TradingView.com
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