- ADA/USD plunged below $1.2115 support; is it going after 1.1337?
- Charles Hoskinson (co-founder of Cardano) Tweet Strengthens ADA.
- 50 periods EMA (exponential moving average – red line) is extending resistance at 1.2444 level.
The ADA/USD closed at $1.224996 after placing a high of $1.288609 and a low of $1.206000. Cardano’s price forecast remains strongly bearish as ADA/USD extended its decline for the 6th consecutive session. Selling came in response to the recent slump in Bitcoin price and the surge in the U.S. dollar.
The Cardano blockchain announced that it has successfully executed the Alzono White hard fork, which will pave the way for smart contract functionality. The process consists of phases named blue, white, and purple, including more users, functionality, and features in the network. The Mainnet deployment was expected by the end of September.
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Input-Output Hong Kong (IOHK) Make Blocks, Supporting ADA
According to developer Input Output Hong Kong (IOHK), the network was happily making blocks already as Cardano has successfully deployed the Alzono hard fork. This will bring several new features to the network and host decentralized finance applications (DeFi).
Another announcement the network made was that members of Project Catalyst and more Plutus partners would also be joining the network. It is reported that there were several hundred people on the Alzono White Network, and Project Catalyst has also funded various DeFi Apps for the network.
Charles Hoskinson (co-founder of Cardano) Tweet Strengthens ADA
The latest tweet from the co-founder of Cardano Charles Hoskinson also added strength to ADA. Mr. Hoskinson and his team shared a formally verified crypto-backed pegged algorithmic stable coin. He shared four screenshot pictures and introduced novel algorithmic stable coin details, which also added strength to ADA. However, the cryptocurrency token ADA remained depressed across the board as the market was under pressure due to the declining prices of leading cryptocurrency bitcoin.
Stronger Dollar Drags ADA/USD Down to 1.1800
The rising prices of the U.S. dollar also added extra downward momentum in ADA/USD as both share a negative correlation. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies rose to 92.69 level. It eventually dragged ADA/USD downwards for the 6th consecutive session.
Cardano Price Forecast: Double Bottom Breakout at $1.21150
Pivot Point: 1.239868
Cardano Price Forecast – Technical Analysis: Eyes on $1.1330
Cardano’s price forecast is dramatically bearish as the pair has violated the support level of 1.2115 level. The ADA/USD pair is now heading south towards the next support area of 1.1330 level.
On the 4-hour timeframe, the ADA/USD has disrupted the double bottom pattern at 1.2115. Closing of candles below this level is likely to lead the ADA/USD pair towards the 1.1337 support level.
The 50 periods EMA (exponential moving average – red line) is extending resistance at 1.2444 level. Closing of candles below this suggests selling bias in the pair.
The leading technical tool MACD is also exhibiting bearish crossover, and now its value holds at -0.0028. It demonstrates a selling trend in the ADA/USD pair.
The ADA/USD price forecast is strongly bearish today. Thus, the forex trading participants may look for selling below 1.2000 level to target 1.1337 level. All the best.
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