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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="SOLIDECN, post: 206769, member: 80239"] [JUSTIFY][ATTACH type="full"]21008[/ATTACH][/JUSTIFY] [HR][/HR] [JUSTIFY]This week, the ADAUSD pair was actively correcting downwards as part of the general market trend. The pressure on the cryptocurrency sector is associated with the expected sharp tightening of monetary policy by the US Federal Reserve, which will lead to the strengthening of the dollar against major alternative assets. The minutes of the last meeting of the American regulator, published yesterday, confirmed that officials intend to start reducing the balance sheet by 95B dollars a month from May while increasing interest rates by 0.50% is allowed. The "hawkish" policy is expected to continue until the end of this year. A well-known crypto enthusiast and founder of Galaxy Digital, Mike Novogratz, believes that during this period, BTC, and therefore altcoins in general, may remain under pressure but as soon as the US Federal Reserve pauses in tightening monetary policy, a serious increase in cryptocurrencies will resume. Cardano blockchain and ecosystem continue to develop actively. Since the beginning of the year, the number of active wallets has increased by 500K and exceeded 3.2M. Most of them contain ADA tokens in 100 to 100K dollars. This week, Da Vinci Locker (DVL), a new cross-chain NFT marketplace based on the Cardano blockchain, was launched. The main goal is that any owner of a unique intellectual product can turn it into an NFT token and sell it without intermediaries. DVL will use Cardano's version of OpenSea smart contracts. The marketplace is currently distributing DVL utility tokens. Despite this positive news, the fundamental picture remains unfavorable for the market, and the ADA price is under pressure. [/JUSTIFY] [ATTACH type="full"]21009[/ATTACH] [JUSTIFY]The price is testing 1.0742 (Murrey [6/8]), consolidation below which allows a decline to 0.9765 (Murrey [4/8]) and 0.8789 (Murrey [5/8]). The key "bullish" level is (Murrey [8/8]). The consolidation above may cause growth to 1.2950 (Fibonacci correction 23.6%). The indicators do not give a single signal: Bollinger bands are directed upwards, the MACD histogram decreases in the positive zone, and Stochastic has rushed down. [B]Resistance levels[/B]: 1.1718, 1.295 | [B]Support levels[/B]: 1.0742, 0.9765, 0.8789[/JUSTIFY] [/QUOTE]
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