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  • On Thursday, the ADA/USD is trading with a bullish bias at $2.55, scoring +9.43% so far. 
  • The Cardano team revealed earlier last month that smart contract capabilities had arrived on the Alonzo Testnet.
  • Forex trading participants may look for a sell trade below the $2.60 level to the target of $2.45 and $2.25.

On Thursday, the ADA/USD is trading with a bullish bias at $2.55, scoring +9.43% so far. The day before, the ADA/USD closed at $2.4699 after reaching a high of $2.5614 and a low of $2.2011. The ADA/USD dropped for the second consecutive session on Wednesday and followed the market’s bearish trend set by the flash crash. If you are wondering what to expect and where to buy ADA? Let’s find out below…

The recent drop in ADA/USD could be attributed to the latest criticism faced by Cardano following its Alonzo Tesnet upgrade. The third-largest cryptocurrency network came under severe criticism after some supposed flaws in its structure were brought to light in the Alonzo mainnet.

Cardano User Report Transaction Error 

The Cardano team revealed earlier last month that smart contract capabilities had arrived on the Alonzo Testnet. The mainnet upgrade is scheduled for implementation on September 12. Additionally, there were also reports of a concurrency issue found on the Cardano-based decentralized exchange, Miniswap. 

Some users have also reported transaction errors while trying to swap tokens, and the main issue that got the most criticism from the market was that Miniswap only handled one transaction per block, making it inefficient. All these errors and related criticism added further pressure on ADA/USD prices on Wednesday.

The Delta Exchange launched future trading

On the other hand, a crypto derivatives platform, Delta Exchange, announced on Wednesday that it had launched futures trading on Solana and Cardano. It will provide investors with a new access point to the leading altcoins. The initial rollout of SOL and ADA call and put options will have daily maturities, while the weekly and monthly maturities will be made available later. This news put a lid on the declining prices of ADA/USD on Wednesday.

Furthermore, the co-founder of Cardano, Charles Hoskinson, has predicted that a lot more countries will eventually follow in the Latin American nation’s footsteps. Hoskinson expressed confidence that cryptocurrencies like Bitcoin were the future of money, as the younger generation would inevitably trigger mass adoption of crypto. He added that most people under the age of 25 have a positive view of cryptocurrencies and a lot of them own them.

Additionally, the most anticipated event over the last few months has been the Alonzo Hard Fork, and its launch is almost on the horizon as it will go live on September 12. This launch has also supported the price of ADA/USD and kept the loss in cryptocurrency limited.

Where to Buy ADA?
ADA/USD 4-Hour Chart

Cardano Price Prediction – Technical Levels

Support Resistance

2.2602 2.6205

2.0505 2.7711

1.8999 2.9808

Pivot Point: 2.4108

ADA/USD Completes 61.8% Fibonacci Retracement at $2.59 – Where to Buy ADA?

Cardano price prediction seems bearish below the 50 periods EMA resistance level of $2.60. On the 4-hour timeframe, the ADA/USD has completed 61.8% Fibonacci retracement at $2.58. A close of candles below this level increases the likelihood of a selling trend in Cardano.

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. 

On the bearish side, the pair is likely to find immediate support at 2.48 and 2.35 levels. Further on the lower side, the next support will prevail around the 2.23 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 $2.60 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 $2.60 level to the target of $2.45 and $2.25. Alternatively, we may see buying trades above the $2.60 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.

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