ADA/USD plunged below $1.2115 support; is it going after 1.1337? Charles Hoskinson (co-founder of Cardano) Tweet Strengthens ADA. 50 periods EMA (exponential moving average – red line) is extending resistance at 1.2444 level. The ADA/USD closed at $1.224996 after placing a high of $1.288609 and a low of $1.206000. Cardano’s price forecast remains strongly bearish as ADA/USD extended its decline for the 6th consecutive session. Selling came in response to the recent slump in Bitcoin price and the surge in the U.S. dollar. Get FREE Crypto Signals Now! The Cardano blockchain announced that it has successfully executed the Alzono White hard fork, which will pave the way for smart contract functionality. The process consists of phases named blue, white, and purple, including more users, functionality, and features in the network. The Mainnet deployment was expected by the end of September. If you are interested in trading ADA/USD with forex robots, check out our guide. Input-Output Hong Kong (IOHK) Make Blocks, Supporting ADA According to developer Input Output Hong Kong (IOHK), the network was happily making blocks already as Cardano has successfully deployed the Alzono hard fork. This will bring several new features to the network and host decentralized finance applications (DeFi). Another announcement the network made was that members of Project Catalyst and more Plutus partners would also be joining the network. It is reported that there were several hundred people on the Alzono White Network, and Project Catalyst has also funded various DeFi Apps for the network. Charles Hoskinson (co-founder of Cardano) Tweet Strengthens ADA The latest tweet from the co-founder of Cardano Charles Hoskinson also added strength to ADA. Mr. Hoskinson and his team shared a formally verified crypto-backed pegged algorithmic stable coin. He shared four screenshot pictures and introduced novel algorithmic stable coin details, which also added strength to ADA. However, the cryptocurrency token ADA remained depressed across the board as the market was under pressure due to the declining prices of leading cryptocurrency bitcoin. Stronger Dollar Drags ADA/USD Down to 1.1800 The rising prices of the U.S. dollar also added extra downward momentum in ADA/USD as both share a negative correlation. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies rose to 92.69 level. It eventually dragged ADA/USD downwards for the 6th consecutive session. Cardano Price Forecast: Double Bottom Breakout at $1.21150 ADA/USD 4-Hour Chart Support Resistance 1.191127 1.273736 1.157259 1.322477 1.108518 1.356346 Pivot Point: 1.239868 Cardano Price Forecast – Technical Analysis: Eyes on $1.1330 Cardano’s price forecast is dramatically bearish as the pair has violated the support level of 1.2115 level. The ADA/USD pair is now heading south towards the next support area of 1.1330 level. On the 4-hour timeframe, the ADA/USD has disrupted the double bottom pattern at 1.2115. Closing of candles below this level is likely to lead the ADA/USD pair towards the 1.1337 support level. The 50 periods EMA (exponential moving average – red line) is extending resistance at 1.2444 level. Closing of candles below this suggests selling bias in the pair. The leading technical tool MACD is also exhibiting bearish crossover, and now its value holds at -0.0028. It demonstrates a selling trend in the ADA/USD pair. The ADA/USD price forecast is strongly bearish today. Thus, the forex trading participants may look for selling below 1.2000 level to target 1.1337 level. All the best. Looking to buy or trade crypto now? Invest at eToro! Buy Monero Now Capital at risk Ali B. Ali B. Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection. Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis. View All Post By Ali B. Crypto NewsDaily Look share Read Next Dogecoin Price Forecast: DOGE Nearing TP $0.1684 Ali B. 5 months ADA/USD plunged below $1.2115 support; is it going after 1.1337? Charles Hoskinson (co-founder of Cardano) Tweet Strengthens ADA. 50 periods EMA (exponential moving average - red line) is extending resistance at 1.2444 level. The ADA/USD closed at $1.224996 after placing a high of $1.288609 and a low of $1.206000. Cardano's price forecast remains strongly bearish as ADA/USD extended its decline for the 6th consecutive session. Selling came in response to the recent slump in Bitcoin price and the surge in the U.S. dollar. [su_button url="https://www.forexcrunch.com/visit/learn2trade" style="3d" background="#1d44bb" size="8" center="yes" radius="0"]Get FREE Crypto Signals Now![/su_button] The Cardano blockchain announced that… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.