Key Insights: – It was a bullish Saturday, with Cardano (ADA) rallying by 5.95%.- News of the Vasil hard fork date drove demand for ADA through the Saturday session.- Technical indicators turned bullish as investors responded to the hard fork news, with ADA sitting above the 200-day EMA to bring $0.60 into play.On Saturday, ADA rallied by 5.95%.
Reversing a 0.66% decline from Friday, ADA ended the day at $0.481.Bullish throughout the Saturday session, ADA rallied from an early low of $0.454 to a late afternoon high of $0.486.
ADA broke through the First Major Resistance Level (R1) at $0.464 and the Second Major Resistance Level (R2) at $0.475 to end the day at $0.481.While the broader crypto market struggled in the wake of US Treasury Secretary Janet Yellen’s comments from Friday, Vasil hard fork news delivered ADA price support.
Input Output HK Hard Fork Announcement Delivers ADA Boost Overnight on Friday, Input Output HK confirmed the Vasil hard fork date.Announcing on Twitter, Input Output HK said, “Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with cardanostiftung can today announce 22nd September for the Vasil upgrade on the Cardano mainnet.” Ahead of the announcement, the market had turned its attention to two critical mass indicators, these being, – Approximately 25 exchanges upgrade (representing c.80% of ADA liquidity).- Top 10 Dapps by TVL confirm they’ve upgraded to 1.35.3 on Pre-Production & are ready for mainnet.As of September 3, updates on the ADA Hard Fork Mass Indicators are as follows: – Five exchanges are hard fork ready, unchanged from the previous day: AscendEX (Bitmax), Bitrue, Dex-Trade, MEXC, and NDAX have upgraded.Bitrue and MEXC form the top 12 exchanges by liquidity.- 30 exchanges are in progress, unchanged from September 2.
– Significantly, Binance is ‘nearly there,’ with Coinbase and Kraken upgrades in progress.
Overnight, PoolTool showed that 80% of Cardano SPO nodes have upgraded to v1.35.3.
While upgrade momentum slowed, nodes achieved the 75% threshold earlier in the week.ADA Price Action This morning, ADA was up by 3.12% to $0.496.A mixed start to the day saw ADA fall to an early low of $0.476 before climbing to a high of $0.496.ADA broke through the First Major Resistance Level (R1) at $0.493 as investors continued to respond to the Vasil hard fork announcement.Technical Indicators ADA needs to avoid a fall through R1 and the $0.474 pivot to target the Second Major Resistance Level (R2) at $0.5057.
With the hard fork data in place, exchange upgrades should continue to provide ADA price support.In the case of an extended crypto rally, ADA could test the Third Major Resistance Level (R3) at $0.538 and resistance at $0.550.A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.461 into play.
However, barring an extended sell-off, ADA would likely steer clear of sub-$0.46 and the Second Major Support Level (S2) at $0.442.The Third Major Support Level (S3) sits at $0.410.This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.ADA sat above the 200-day EMA, currently at $0.481.The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA.The indicators delivered bullish signals.
A bullish cross of the 50-day EMA through the 100-day EMA would support a breakout from R2 ($0.506) to bring R3 ($0.538) into view.However, a fall through the 200-day EMA would bring the 100-day EMA ($0.468), the 50-day EMA ($0.461), and the support levels into play..
