Vasil Hard Fork eases Fed fears to target $0.50

ADAUSD 310822 Daily Chart

Technical Indicators

ADA needs to avoid the $0.452 pivot to target the first major resistance level (R1) at $0.464. ADA will need support from the broader market to break out of Tuesday’s high of $0.463.

In the event of an extended crypto rally, ADA may test the second major resistance (R2) at $0.476 and the resistance at $0.480.

The third major resistance level (R3) is located at $0.500. Updates on the ADA hard fork block indicators will continue to provide ADA price action. But economic data from China and the US and FOMC members’ speech will also need to be taken into account.

A fall through the pivot would place the first major support level (S1) at $0.440. Excluding an extended sell-off, ADA is likely to avoid below $0.43 and the second major support level (S2) at $0.428.

The third major support level (S3) is located at $0.404. Later in the day, US economic indicators and speeches by FOMC members will also be in the spotlight. Positive statistics and hawkish speech from the Fed could test investors’ resilience for the second session.

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