the main ideas:
- It was a bullish Saturday, with Cardano (ADA) up 5.95%.
- News of the Vasil Hard Fork history increased the demand for the ADA during the Saturday session.
- Technical indicators turned bullish as investors responded to the news with a sharp split, with ADA above the 200-day moving average to put $0.60 into play.
On Saturday, the ADA was up 5.95%. After reversing the 0.66% decline from Friday, ADA ended the day at $0.481.
Bullishly throughout the Saturday session, ADA surged from an early low of $0.454 to a late afternoon high of $0.486. ADA broke out the first major resistance level (R1) at $0.464 and the second major resistance level (R2) at $0.475 to end the day at $0.481.
While the broader crypto market suffered in the wake of US Treasury Secretary Janet Yellen’s comments on Friday, Vasil Hard Fork News provided ADA price support.
Input Output HK Hard Fork Ad Gives ADA a Boost
Friday night, input output Hong Kong confirmed History of the hard fork fasil. Input Output HK announced on Twitter,
“After the successful completion and exhaustive testing of all core components, as well as proven community readiness, together with Cardanostiftung, today we can announce 22second abbreviation September to update Vasil on the Cardano mainnet”.
Before the announcement, the market drew its attention to two indicators of critical mass, namely,
- About 25 stock market upgrades (equivalent to about 80% of ADA’s liquidity).
- TVL’s Top 10 Dapps have confirmed that they have upgraded to 1.35.3 in pre-production and ready for the mainnet.
As of September 3rd, updates to the ADA Hard Fork block indices are as follows:
- Five exchanges are ready for a hard fork, unchanged from the day before: AscendEX (Bitmax), Bitrue, Dex-Trade, MEXC and NDAX upgraded. Bitrue and MEXC make up the 12 most liquid exchanges.
- 30 changes are in progress, unchanged from 2 September.
- Significantly, Binance is “on the verge of completion,” as Coinbase and Kraken upgrades continue.
Overnight, PoolTool showed that 80% of Cardano SPO nodes were upgraded to version 1.35.3. While the upgrade rate has slowed, nodes hit the 75% threshold earlier this week.
ADA price action
This morning, the ADA rose by 3.12% to $0.496. A mixed start to the day saw ADA drop to an early low of $0.476 before climbing to a high of $0.496.
ADA broke the first major resistance level (R1) at $0.493 as investors continued to respond to Vasil Hard fork announcement.
ADA needs to avoid falling through R1 and the $0.474 pivot to target the second major resistance level (R2) at $0.5057. With hard fork data in place, exchange upgrades should continue to provide ADA price support.
In the event of an extended crypto rally, ADA may test the third major resistance (R3) at $0.538 and the resistance at $0.550.
A dip through R1 and the pivot will place the first major support level (S1) at $0.461. However, excluding an extended sell-off, ADA is likely to avoid below $0.46 and the second major support level (S2) at $0.442.
The third major support level (S3) is located at $0.410.
This morning, the exponential moving averages and the 4-hour candlestick chart (below) both sent a bullish signal.
ADA is above the 200-day moving average, currently at $0.481. The 50-day EMA closed on the 100-day moving average, with the 100-day moving average dropping to the 200-day moving average. The indicators are giving bullish signals.
A bullish crossover from the 50-day moving average to the 100-day moving average would support the breakout from R2 ($0.506) to show R3 ($0.538). However, a dip through the 200-day moving average will bring the 100-day moving average ($0.468), the 50-day moving average ($0.461) and support levels.