Key Insights: – It was a bearish start to the week, with cardano (ADA) falling by 1.76%.- A lack of progress from the key exchanges to upgrade ahead of the September Vasil hard fork weighed.- However, technical indicators are bullish, with ADA sitting above the 50-day EMA, bringing $0.60 into play.On Monday, ADA fell by 1.76%.Following a 0.39% decline on Sunday, ADA ended the day at $0.501.After a choppy start to the day, ADA rose to an early afternoon high of $0.520 before hitting reverse.Coming up against the First Major Resistance Level (R1) at $0.520, ADA fell to a late low of $0.496.
ADA fell through the First Major Support Level (S1) at $0.500 before a partial recovery to $0.501.
Monday’s loss came despite a bullish crypto session, supported by the NASDAQ 100.On Monday, the NASDAQ 100 rose by 1.27%.
While bitcoin (BTC) extended its winning streak to six sessions, Vasil hard fork news tested investor sentiment.Input Output HK Hard Fork Updates Test Buyer Demand Following the weekend, investor focus returned to the Vasil hard fork and exchange readiness.
While the broader update was ADA positive, a lack of progress by certain exchanges tested ADA price support.As of September 12, updates on the ADA Hard Fork Mass Indicators are as follows: – Sixteen exchanges are hard fork ready, up from 15 as of September 9.
– Twenty-eight exchanges are in progress, up by one from September 9, with Coinbase and Kraken still reporting upgrades in progress.- Twenty-seven exchanges have yet to start the upgrade process.
From the top 12 exchanges by liquidity: – Six exchanges are hard fork ready: AAX, Binance, Bittrue, BKEX, MEXC, and WhiteBit, with four in progress, including Coinbase, HitBTC, Upbit, and XT.com.- However, two exchanges have yet to start the upgrade process: ChangellyPro and ZB.com.Investors will be looking for Coinbase and Kraken to complete the upgrade process to deliver ADA price support.Following the successful upgrade of 75% of SPO nodes to v1.35.3, the crypto market is tracking 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 12, the status of the top Dapps by TVL was as follows: |Project||Vasil Devnet (node v1.35.3)||Preview (node v1.35.3)||Pre-production (running 1.35.3)| |Miniswap||–||In testing||In testing| |SundaeSwaps||–||Tested||In testing| |Wingriders||–||–||Tested| |MuesliSwap||Tested||In testing||In testing| |Lending Pond||Tested||Tested||Tested| |Fluid Token||Tested||Tested||Tested| |ADAX Pro||In testing||In testing||In testing| |Aada||–||–||Tested| |VyFinance||Tested||In testing||In testing| |Meld||Tested||In testing||In testing| |Revuto||Tested||Tested||Tested| |DQuadrant (Artano, Kuber)||Tested||Tested||Tested| The next update will be available at 1600 UTC.ADA Price Action This morning, ADA was down 0.80% to $0.497.A bearish start to the day saw ADA fall from an early high of $0.502 to a low of $0.495.
Technical Indicators ADA needs to move through the $0.506 pivot to target the First Major Resistance Level (R1) at $0.515 and the Monday high of $0.520.
Input Output HK Vasil hard fork updates later in the day will provide direction.News of Coinbase and Kraken completing the upgrade process would support an ADA breakout.However, from the US, inflation numbers will also influence.In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.530.The Third Major Resistance Level (R3) sits at $0.554.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.491 in play.However, barring an extended sell-off, ADA should avoid sub-$0.490 and the Second Major Support Level (S2) at $0.482.
The Third Major Support Level (S3) sits at $0.456.This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.ADA sat above the 50-day EMA, currently at $0.495.
The 50-day EMA flattened on the 200-day EMA, while the 100-day EMA converged on the 200-day EMA, delivering mixed signals.A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 ($0.515) to bring R2 ($0.530) into play.However, a fall through the 50-day EMA ($0.495) and S1 ($0.491) would give the bears a run at the 100-day EMA ($0.487) and the 200-day EMA ($0.487).S2 sits at $0.482..
