Cardano price forecast: ADA rebound of $ 1.0251
- Bearish Cardano Price Forecasts Amid A Stronger US Dollar
- Alonzo White Hard Fork backs ADA / USD at $ 1.025
- The idea for today is to place a sell limit at $ 1.1370 to target $ 1.0251.
The ADA / USD coin failed to stop its previous long bearish rally and drew additional bids around the $ 1.08 level. Cardano was trading at $ 1.052832 and fell 10.16% the day before. Cardano’s price forecast is slightly bullish. However, the bullish momentum may be short lived.
This is the largest day-ahead percentage drop since June 21. The latest declines have lowered Cardano’s market cap to $ 33.908659 billion, or 2.84% of the cryptocurrency’s total market cap. At its peak, Cardano’s market cap was $ 71.557257 billion. Cardano has seen a decline in value, as it has fallen 19.24% in the past 7 days.
Cardano volume traded in the 24 hours prior to writing was $ 1.255496 billion, or 2.03% of the total volume of all cryptocurrencies. It has traded in a range of $ 1.0514 to $ 1.2887 over the past seven days. Cardano is trading near $ 1.082833 with a 24 hour trading volume of $ 1,690,296,447. Cardano is down 4.72% in the last twenty-four hours.
Bearish Cardano price forecasts amid a strengthening US dollar
The reason for its bearish bias could be related to the strength of the US dollar. The greenback climbed to a more than 3-month high against a basket of major currencies as ever-increasing Covid-19 cases globally raised doubts about the sustainability of the global recovery. Thus, increases in the US dollar were seen as one of the key factors that kept ADA prices under pressure.
Alonzo White Hard Fork Supports ADA / USD at 1.025
On the bright side, the Cardano price drop could be temporary, as Cardano recently announced that it has successfully led the Alonzo White Hard Fork. They confirmed by tweeting that the network is now successfully blocking. There had been no problem with the hard fork so far.
The hard fork is the next step in bringing the Cardano network closer to the smart contract deal. The project has been going on for some time. It is considered that the network will be able to fully support smart contracts by September 2021. However, this positive development has not left a significant impact on the value of Cardano so far.
Cardano Price Forecast – Technical Outlook: ADA Retests $ 1.0848
Cardano’s price forecast is bearish as the pair trades below a strong resistance level of 1.08589.
On the 4-hour chart, ADA / USD bounced off the 1.02519 support level which was extended by a double lower level.
The ADA / USD closed a bullish engulfing candle above the 1.0251 level, pushing Cardano higher to an immediate resistance level of 1.0858.
A bullish breakout of the resistance of 1.0858 may drive the ADA / USD price towards the next resistance level of 1.375.
The ADA / USD price prediction remains bearish due to the 50 EMA (Exponential Moving Average – Red Line) periods. The EMA 50 weighs on Cardano and extends resistance to the 1.1000 level. As a result, the currency trading participants may look to place a sell limit at 1.1370 to target 1.0251. All my wishes.
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