CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Cardano falls back to the bottom of the consolidation zone. What next?

| cutline • press clipping |
Classification: IPTC: 04019000IAB-QAG: IAB13-3, IAB13
Please enjoy this #crypto content, Cardano falls back to the bottom of the consolidation zone. What next? Originally reported on coinjournal.net by Motiur Rahman

  • ADA has lost 7% in the past day amid a waning momentum

  • Cardano’s Vasil Upgrade is expected to be a game-changer in the network

  • Cryptocurrencies are currently facing a sell-off ahead of the Fed’s meeting

Cardano ADA/USD dropped 7% in the past day to consolidate weekly losses at 14%. The token is currently trading at $0.4398. Despite being a major token, Cardano struggles to find unique utility over the top cryptos.

Pressure continues to mount on the scalability aspects of the layer-1 blockchain. Vasil upgrade, set for September 22, is expected to change that. The network’s founder, Charles Hoskinson, said the effect of the fork could be felt as soon as September 27.

Vasil upgrade has been hampered by several delays. The setbacks have been due to bugs and technical issues. Nonetheless, the fork remains the most ambitious upgrade in Cardano. Its benefits include scalability, increased throughput, efficiency, and a reduction in block transmission latency.

On a broader outlook, Cardano’s price is receiving a hit from the macro factors. Investors expect the US Federal Reserve to hike interest rates when it convenes this week. A high-interest rate is projected to shift investments away from riskier assets like cryptocurrencies. The sentiment has pushed major cryptocurrencies, including bitcoin, into the red territory. From the technical chart below, ADA is at the bottom of a consolidation.

ADA trades at the bottom of a horizontal tunnel

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy ADA with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ADA with Bitstamp today

Source: TradingView

The daily chart above shows that ADA has retested the $0.43 resistance level. Currently, momentum is looking largely bearish. The MACD is showing bearish histograms as more sellers enter the market. The RSI is at 41, reducing the chances of a possible trend reversal in the short term.

Concluding thoughts

For investors looking to grow their portfolio in a bear market, Cardano offers minimal chances. The token looks exceedingly bearish and could easily lose the current support. For the upcoming Vasil Upgrade, ADA has priced in. If the current support holds, ADA faces immediate resistance at $0.49.

‘News of the Day’ content, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or within categories [NEWSer CHEWSer].

Source Information (if available)

It appears the above article may have originally appeared on coinjournal.net and has been shared elsewhere on the internet, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Cardano falls back to the bottom of the consolidation zone. What next?

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like