Thanks to its recent tumble, Cardano is back down to its long-term floor.
Will we see a bounce or a break this time?
ADA/USD has bounced off the 0.4500 level several times in the past couple of months, so this floor is lookin’ pretty solid.
Hold up, is that a bearish flag I’m seeing right on top of the key support area?
If that’s the case, we might just see another leg lower lower for Cardano. In particular, a break below the short-term consolidation could spur a selloff that’s the same height as the flag’s mast.
Technical indicators are hinting that the odds are in favor of more losses, as the moving averages are bracing for a bearish crossover while Stochastic is inching close to the overbought zone.
If you’re looking to short, better wait for these signals to line up before hopping in.
Cardano traders seem to be keeping close tabs on network updates, as the Vasil hard fork has just been adopted early this week. So far, nearly half of the staking pool operator nodes have upgraded to the latest version, but it needs 75% to be implemented.
In addition to that, the Cardano team announced several fresh developments, including the first Marlowe contracts running on Vasil testnet.
If all goes through without a hitch, we might just catch more ADA bulls charging again!
Are you new to crypto? Check out our newly launched cryptocurrency course!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.