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ADAUSD Price Decline may Resume

8/25/2022 3:57 PM

Last week, the ADA/USD pair sharply corrected down as part of the general market trend caused by the liquidation of large positions in BTC and reached the area of ​​1.4315.

As an additional driver for the asset movement, new challenges are seen with testing a key update of the Cardano Vasil network, which should lead to a significant increase in network performance through the launch of a data pipeline function, expand the use of smart contracts and optimize processes for the growing volume of applications in the DeFi market. Cardano lead developer Adam Dean said on Friday that a serious bug has occurred on the testnet, and nodes 1.35.2 and 1.35.3 are out of sync. He also accused the project management of the extreme rush to launch the fork, which is why the failures occurred. These comments raised concerns among investors that the timeline could be revised again, but on Monday, Ding said the bugs had been consolidated, and the outlook for the update is "better than ever," which supports the ADA/USD pair.

The trading instrument is testing 0.4638 (Murrey [3/8]), the breakout of which will give the prospect of further growth to 0.4882 (Murrey [4/8]), 0.5127 (Murrey [5/8], the middle line of Bollinger bands). The key "bearish" level is 0.4394 (Murrey [2/8]), the breakdown of which allows further decline to 0.4150 (Murrey [1/8]) and 0.3906 (Murrey [0/8]).

Technical indicators reflect a downward trend: Bollinger bands reverse downwards, and the MACD histogram increases in the negative zone.

Resistance levels: 0.4638, 0.4882, 0.5127. | Support levels: 0.4394, 0.4150, 0.3906.

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