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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="SOLIDECN, post: 212425, member: 80239"] [HEADING=1][JUSTIFY]ADAUSD - The pair may continue to decline[/JUSTIFY][/HEADING] [JUSTIFY]Last week, the ADAUSD pair rose to 0.4785, but after the “hawkish” comments of US Federal Reserve Chairman Jerome Powell about the need for further interest rate hikes, it corrected down along with the entire market and is now testing 0.4394 (Murrey [2/8]) but until it can break below it. Quotes are in a state of uncertainty due to the latest statements by Cardano founder and IOHK CEO Charles Hoskinson, who said that the preparation of the Vasil fork should increase network speed, reduce transaction costs and improve the conditions for using smart contracts and decentralized applications, is proceeding at a rapid pace, and the detected errors are not critical. On the other hand, Hoskinson could not give an exact date for the update launch, saying that it will happen “sometime in September” after most network participants and several large cryptocurrency exchanges update their software to the required level. Experts fear that the key fork of Cardano may coincide in time or come out very close to the transition of the main competitor, the Ethereum network, to the Proof-of-Stake (PoS) algorithm, and then investor interest in the Vasil fork will be reduced, which will not allow the pair ADA/USD to strengthen significantly. [img]https://i.ibb.co/nMLRP5G/cardano.png[/img] The trading instrument is testing 0.4394 (Murrey [2/8]), the breakdown of which will give the prospect of further decline to 0.4150 (Murrey [1/8]), 0.3906 (Murrey [0/8]). The key “bullish” level is 0.4882 (Murrey [4/8]), supported by the middle line of Bollinger bands. Its breakout allows growth to 0.5371 (Murrey [6/8]) and 0.5615 (Murrey [7/8]). The readings of technical indicators are contradictory: the downward reversal of Stochastic and the stabilization of the MACD histogram in the negative zone indicates the continuation of the downward trend, but the upward reversal of Bollinger bands does not exclude growth, the potential of which is seen as limited. [B]Resistance levels[/B]: 0.4882, 0.5371, 0.5615 |[B] Support levels[/B]: 0.4394, 0.4150, 0.3906[/JUSTIFY] [/QUOTE]
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