Key Insights: – ADA rose by 0.79% on Saturday, following a 1.75% gain on Friday.- Market reaction to the dovish Fed and US economic indicators overshadowed the news of the Vasil hard fork delay.- Technical indicators are bullish, with ADA sitting above the 50-day EMA.On Saturday, ADA rose by 0.79%.Following a 1.75% gain from Friday, ADA ended the day at $0.5262.A bearish start to the day saw ADA slide to a morning low of $.5067 before making a move.Steering clear of the First Major Support Level at $0.5041, ADA rallied to a late high of $0.5454.
ADA came up against the First Major Resistance Level at $0.5428 before hitting reverse.Succumbing to crypto market forces, ADA fell back to end the day at sub-$0.53.While the global financial markets eased bets of a 75-basis point rate hike in September, following US GDP numbers for the second quarter, inflationary pressures lingered, raising some uncertainty.Adding to the investor uncertainty was a sharp rise in personal spending.ADA trails the crypto top ten for the current week, with ADA also falling behind XRP by market cap.
The announcement of the Vasil hard fork delay left $0.60 and the June high of $0.6688 out of reach.Cardano Vasil Hard Fork Delay to Test Buyers On Thursday, news hit the wires of a delay to the Vasil hard fork, which was to happen at the end of July.
Developers reportedly delayed the hard fork for a few weeks.Input Output Global (IOG) announced the delay in a YouTube release.IOG technical manager Kevin Hammond reportedly said that decision for the delay was to give exchanges and API developers time to be ready.Hammond did add that the IOG would be fixing some testnet issues.
Despite the Thursday announcement, ADA struck a Saturday and a new July high of $0.5556 before falling back.ADA Price Action At the time of writing, ADA was down 0.76% to $0.5222.
A mixed start to the day saw ADA rise to an early high of $0.5354 before falling to a low of $0.5208.
Technical Indicators A move through the $0.5303 pivot would support a run at the First Major Resistance Level (R1) at $0.5514 and the Saturday high of $0.5556.ADA would need support from the broader market for a breakout from the morning high of $0.5354 and a return to $0.55.In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.5768 and resistance at $0.58.
The Third Major Resistance Level (R3) sits at $0.6233.
Failure to move through the pivot would bring the First Major Support Level (S1) at $0.5050 into play.In an extended sell-off, ADA would likely test the Second Major Support Level (S2) at $0.4838 and support at $0.48.The Third Major Support Level (S3) sits at $0.4373.This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.At the time of writing, ADA sat above the 50-day EMA, currently at $0.5068.
Today, the 50-day EMA widened from the 100-day EMA.Following the Friday bullish cross, the 100-day EMA broke clear from the 200-day EMA, both price positives.A widening of the 50-day EMA would support a return to $0.55 to bring resistance levels into play.However, a slide through the 50-day EMA would likely lead to a test of S1 and buyers demand at $0.5000..
