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Cardano Price Trajectory Shows Negative Direction, Weekly Chart Mainly Red

Cardano (ADA) has been trending in the negative direction, with the 7-day chart mostly red.

  • ADA Resistance Skis Seen at $0.4694 Level
  • Cardano Price Increases 3.74%
  • Federal Reserve Tensions Had A Negative Impact On Crypto Markets. Including ADA price

Following the recent market correction, ADA has encountered resistance at the $0.4694 level. After the latest reports of Vasil’s hiring, Cardano’s (ADA) rollercoaster this week hit another high note on Aug. 27.

Cardano (ADA) price up 3.74%

According to CoinMarketCap, the price of ADA surged 3.74% at the time of this writing, or is trading at $0.4506.

Most of Cardano’s staking pool operator nodes have recently upgraded to version 1.35.3. This is approximately 69%. The community is still waiting for at least 6% more to start implementing Vasil.

Interestingly, Cardano got off to a strong start this week until the crypto market fell after Powell’s speech. Since then, the prominent crypto asset experienced a red flash during its final days.

After becoming one of the best performing assets in the market this week, ADA has taken a big hit. It fell 8.31% in last day trading to $0.43 on Saturday. As of August 26, these events helped the ADA overcome its reluctance.

A Twitter thread hinted that the date for Vasil’s hard fork, which had been delayed for months, was coming soon.In addition, SPO, which operates node 1.35.3, suddenly generates more than 40% of mainnet blocks.

Comparing this to the previous week, we can say that some good developments have been made.

These changes are reflected in the ADA price movement, which as of August 26 has risen following a week-long decline.

However, as of August 27, ADA has decreased. While ADA prices fell, the amount of development activity soared.

Chart: Santiment

ADA chart bleeds but shows upcoming surge

On August 26th, a rising triangle pattern appeared on the ADA’s 4-hour chart. This could portend an imminent uptrend.

Nevertheless, the market’s negative advantage is about to disappear, suggesting that the 20-day EMA is approaching the 55-day EMA.

Moreover, Bollinger Bands showed that the price of ADA is in the constrained area. Therefore, ADA can decide whether to bet bullish or bearish in the coming days, taking into account all the changes and the current price of the alt.

Given the market conditions, the recent ADA coin drop cannot be blamed on network performance.

As Fed tensions ease, investors in the Cardano community can be confident that they will soon find some reassurance.

It’s interesting to observe certain reactions on Twitter. He criticizes Fed Chairman Powell’s recent remarks.

Whether or not ADA costs will rise in the coming weeks is just a question 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

Cardano Price Trajectory Shows Negative Direction, Weekly Chart Mainly Red

Source link Cardano Price Trajectory Shows Negative Direction, Weekly Chart Mainly Red

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