Cardano Price Trajectory Signals Negative Bearing, Weekly Chart Mostly In Red

Christian Encila

2 years ago

3 mins read

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The price movement of Cardano (ADA) has been in the negative direction, and the seven-day chart was predominantly red.

ADA resistance key seen at the $0.4694 level
Cardano price up by 3.74%
Fed tensions negatively impacted crypto market; including ADA price

Following a recent market correction, ADA encountered resistance at the $0.4694 level. After the latest report on Vasil adoption, the Cardano (ADA) rollercoaster this week has struck another high chord on August 27.

Cardano (ADA) Price Up by 3.74%

According to CoinMarketCap, ADA price has skyrocketed by 3.74% or trading at $0.4506 as of this writing.

Most of Cardano’s staking pool operator nodes have upgraded to version 1.35.3 as of late, or about 69%. To begin Vasil implementation, the community is still awaiting at least 6% more.

Interestingly enough, Cardano had a strong start to the week until the crypto markets fell after Powell’s speech. Since then, prominent crypto assets have experienced red flashes over the course of the last day.

After being among the best-performing assets in the market this week, ADA has suffered significantly. It has decreased 8.31% in the last day’s trading to $0.43 as of Saturday. As of August 26, the events assisted ADA in overcoming its reluctance.

The Twitter thread hinted that the Vasil hard fork date, which had been postponed for several months, would soon be here. Additionally, the SPOs operating node 1.35.3 would suddenly produce more than 40% of the mainnet blocks.

Comparing this to the prior weeks, it can be said that some good development has been made.

These changes were mirrored in the price movement of ADA, and as of August 26, ADA experienced an increase following a week-long decrease.

But as of August 27, ADA had experienced a decrease. The price of ADA dropped, but the amount of development activities surged.

Chart: Santiment

ADA Chart Bleeds But Shows Upcoming Surge

On August 26, an ascending triangle pattern appeared on the ADA’s four-hour chart. This might foreshadow an impending upward trend.

Nevertheless, the market’s negative advantage was set to disappear as hinted by the 20-day EMA moving near the 55-day EMA.

Additionally, the Bollinger Bands indicated that the price of ADA was in a constrained area. Therefore, ADA can decide whether to bet on the bulls or bears in the coming days by taking into account all the changes and the alt’s current price.

Given the state of the market, the most recent decline of the ADA coin cannot be blamed to network performance.

As the Fed tensions ease, investors in the Cardano community can be sure that they will get some comfort soon.

It is interesting to observe certain responses on Twitter, where they criticize Fed chief Powell for his most recent statements.

In the weeks ahead, a hike in the cost of ADA is only a matter 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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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