Cardano Price Trajectory Signals Negative Bearing, Weekly Chart Mostly In Red
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.
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.
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.
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