- On Wednesday, the ADA/USD is trading with a neutral bias at $2.40, scoring +0.24% so far.
- Cardano is gaining immediate support at the $2.30 level amid an optimistic interview with Charles Hoskinson.
- Forex trading participants may look for a sell trade below the $2.48 level to the target of $2.22 and $2.10.
On Wednesday, the ADA/USD is trading with a neutral bias at $2.40, scoring +0.24% so far. The day before, the ADA/USD was closed at $2.3934 after reaching a high of $2.4362 and a low of $2.3240. ADA/USD extended its decline for the third consecutive session but remained subdued for the day. Cardano is gaining immediate support at the $2.30 level amid an optimistic interview with Charles Hoskinson, the founder of Cardano and co-founder of Ethereum.
This past weekend, the Cardano network took a step closer to competing with the larger Ethereum network with more strength. That became possible after a key upgrade that could enable the ADA network to host DeFi apps. However, the comments from the CEO of Cardano itself discouraged the investors and turned out to be negative for ADA prices.
Optimistic interview with Charles Hoskinson underpins ADA/USD
Charles Hoskinson said that he did not believe that any blockchain would be dominant in the years to come, even the so-called “Ethereum-killers” like Cardano. He gave an example that it would be much like when the internet became a part of daily life, consumers ignored the manufacturer behind key pieces of hardware that made connectivity possible.
In a recent interview, Hoskinson explained that no one ever asks if it is a Samsung router or an Apple router, and this is what will happen in the future of the cryptocurrency industry, as Cardano, Ethereum, and bitcoin are all infrastructure. He acknowledged that competition would persist under the hood, and businesses and governments will care about such things while adopting them, but the stance will change when it comes to everybody. These comments from Cardano’s founder added to the loss of ADA/USD on Tuesday.
On Monday, the IOHK announced that the upgrade had been completed successfully, and the Alonzo hard fork was ready. It means that smart contract functionality could be executed on the public blockchain for the first time.
This news should have lifted ADA/USD prices on the board, but Cardano faced price pressures as the network itself noted that it was still in the project’s early days, and there could be some issues with it. These doubts and early-stage work added some negative pressure on ADA/USD prices and kept the cryptocurrency red.
Cardano Price Prediction – Technical Levels
Support Resistance
2.3328 2.4450
2.2723 2.4967
2.2205 2.5573
Pivot Point: 2.3845
ADA/USD Steady at $2.30 – Optimistic Interview with Charles Hoskinson
Cardano’s price prediction seems bearish below the 50 periods EMA resistance level of $2.39. On the 4-hour timeframe, the ADA/USD has completed 61.8% Fibonacci retracement at $2.58 and slipped right after to trade at the $2.36 level. Currently, the ADA/USD is likely to face strong resistance at 2.48 and 2.59 levels, which are extended by 50% and 61.8% Fibonacci correction levels, respectively.
On the bullish side, a $2.60 resistance level breakout can trigger a buying trend until the $2.79 resistance level. However, the closing of candles below 50 days EMA (Exponential Moving Average – Red Line) supports a selling trend in ADA/USD.
The pair is likely to find immediate support at $2.30 and $2.2343 levels on the bearish side. Further on the lower side, the next support will prevail around the $2.011 level. The ADA/USD’s Stochastic RSI indicator has entered the overbought zone, suggesting chances of a bearish correction in the pair. Therefore, the investor’s focus will stay on the $2.48 level, as below this; the ADA may exhibit a bearish bias and vice versa.
Forex trading participants may look for a sell trade below the $2.48 level to the target of $2.22 and $2.10. Alternatively, we may see buying trades above the $2.50 level. All the best.
Where to Buy ADA?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk
Share
