- Cardano price forecast bearish amid stronger U.S. Dollar
- Alonzo White Hard Fork underpins ADA/USD at $1.025
- Today’s idea is to place a sell limit at $1.1370 to target $1.0251.
The ADA/USD coin failed to stop its previous long downward rally and drew some additional offers around below $1.08 level. Cardano was trading at $1.052832 and dipped by 10.16% on the previous day. Cardano’s price forecast is slightly bullish. However, bullish momentum can be short-lived.
It’s the most significant one-day percentage drop since June 21. The latest declines pushed Cardano’s market cap down to $33.908659B, or 2.84% of the total cryptocurrency market cap. At its peak, Cardano’s market cap was $71.557257B. Cardano has seen a decline in value, as it dropped 19.24% over the past 7-days.
The volume of Cardano traded in the 24-hours to time of writing was $1.255496B or 2.03% of the total volume of all cryptocurrencies. It has traded in a range of $1.0514 to $1.2887 in the past seven days. The Cardano is trading near $1.082833 with a twenty-four-hour trading volume of $1,690,296,447. Cardano is dropped by 4.72% in the last twenty-four hours.
Cardano Price Forecast Bearish Amid Stronger U.S. Dollar
The reason for its bearish bias could be tied to the U.S. dollar’s strength. The greenback soared to a more than 3-month high against a basket of major currencies as the ever-increasing Covid-19 cases globally raised doubt over the sustainability of the global recovery. Thus, the upticks in the U.S. dollar were seen as one of the key factors that kept the ADA prices under pressure.
Alonzo White Hard Fork Underpins ADA/USD at 1.025
On the positive side, the declines in the Cardano prices could be temporary as the Cardano has lately announced that it has successfully conducted the Alonzo White Hard Fork. They confirmed by tweeting that the network is now making blocks successfully. There had been no problems with the hard fork so far.
The hard fork is the next step in bringing the Cardano network closer to the smart contracts agreement. The project has been in progress for a while. It is considered that the network will be able to support smart contracts by September 2021 fully. However, this positive development did not leave any meaningful impact on the Cardano value so far.
ADA/USD 4- Hour Chart
Cardano Price Forecast – Technical Outlook: ADA Retests $1.0848
Cardano’s price forecast is bearish as the pair trades below a strong resistance level of 1.08589.
On the 4 hour chart, the ADA/USD pair has bounced off the support level of 1.02519 level that’s being extended by a double bottom level.
ADA/USD has closed a bullish engulfing candle above the 1.0251 level, which’s pushing Cardano higher towards an immediate resistance level of 1.0858.
A bullish breakout of 1.0858 resistance can lead ADA/USD price towards the next resistance level of 1.375 level.
The ADA/USD price forecast remains bearish because of the 50 periods EMA (Exponential Moving Average – Red Line). The 50 EMA is weighing on Cardano and extending resistance at 1.1000 level. Consequently, the forex trading participants may look for placing a sell limit at 1.1370 to target 1.0251. All the best.
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