ADA Eyes fueled by a comeback below $0.40 despite tough updates

the main ideas:

  • It was a bearish session on Tuesday, with Cardano (ADA) down 7.23%.
  • The update of Vasil hard fork was overshadowed by the bearish sentiment, with the ADA down from $0.50.
  • Technical indicators are turning bearish, as ADA is resting below the 100-day moving average to reach below $0.40.

On Tuesday, the ADA was down 7.23%. After losing 1.19% on Monday, ADA ended the day at $0.462.

The mixed morning saw the ADA climb to a mid-morning high of $0.513 before pulling back. ADA broke through the first major resistance level (R1) at $0.509 before falling to a late low of $0.460. ADA fell through the first major support level (S1) at $0.485 and the second major support level (S2) at $0.472 to end the day below $0.470.

The bearish sentiment across the broader market may have forced investors to take profits after last week’s 17.3% rally. The sale came despite positive updates to Vasil’s hard fork.

Entering the US session, crypto market sentiment deteriorated, as US economic indicators added further pressure to prices.

Input Output HK Hard Fork Updates Still ADA Price Positive

Overnight, input output Hong Kong subscriber The latest in Vasil hard fork, with positive updates supporting the September 22nd date.

As of September 6, the updates to the ADA Hard Fork block indices are as follows:

  • 11 exchanges ready for the Hard Fork, as of September 9-5:
  • Solid-state off-the-shelf exchanges include AscendEX (Bitmax), Bitmart, Bitrue, Btc Turk, Dex-Trade, Gate.io, Litebit.eu, MEXC, NDAX, OKex and Whitebit.
  • 25 exchanges are underway, with Binance “almost there,” Coinbase and Kraken reporting upgrades in progress.
  • Among the 12 best liquid exchanges by ADA, XT.com, AAX and ChangellyPRO have not started the upgrade process, while Bitrue, MEXC and Whitebit have all upgraded.

After the successful upgrade of 75% of SPO nodes to version 1.35.3, the crypto market is tracking two critical mass indicators, 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.

Overnight, PoolTool showed that 83% of Cardano SPO nodes had been upgraded to version 1.35.3. While the upgrade rate has slowed, the contract hit the 75% threshold last week.

ADA price action

This morning, the ADA is down 1.52% to $0.455. The volatile start to the day saw the ADA climb to an early high of $0.464 before dropping to a low of $0.454.

ADAUSD 070922 Daily Chart

Technical Indicators

ADA needs to breach the $0.478 pivot to target the first major resistance level (R1) at $0.497. ADA needs to breach the $0.478 pivot to target the first major resistance level (R1) at $0.497. While the Vasil hard fork remains positive, Binance and Coinbase should upgrade to offer ADA price support.

In the event of an extended crypto rally, ADA may test the second major resistance level (R2) at $0.531. The pessimistic FOMC members’ speech will support a breakout from Tuesday’s high of $0.513. The third major resistance level (R3) is located at $0.584.

Failure to breach the pivot will leave the first major support level (S1) at $0.444. However, barring another extended sell-off, ADA should avoid the second major support level (S2) at $0.425. The FOMC members’ hawkish speech will appear below $0.43. The third major support level (S3) is located at $0.372.

ADAUSD 070922 hourly chart

This morning, the exponential moving averages and the 4 hour candlestick chart (below) both sent a bearish signal.

The ADA was below its 100-day moving average, currently at $0.474. The 50-day EMA converged to the 100-day moving average, with the 100-day moving average pulling back from the 200-day moving average, giving bullish signals.

A bearish 50-day EMA crossover across the 100-day EMA will activate key support levels. However, a move across the exponential moving averages will give the bulls a run at R1 ($0.497).

ADA Eyes Refueled Back to Below $0.40 Despite Hard Fork Updates – Coinphony [SV]

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