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Cardano course could crash – ADA upswing has not yet helped

 


Cardano ( ADA ) can look forward to two pieces of good news in the last few days, because on the one hand the cryptocurrency has been listed on the popular trading platform Robinhood since August 31st and on the other hand Aada Finance has now become the first lending protocol on the smart settled on the contract platform.


The Cardano developer IOHK also sees "three important indicators reached" soon, which could give the starting signal for the long-awaited Vasil hard fork in September. Vasil is intended to drastically increase the scalability and throughput of the blockchain network.


In addition, the upgrade should provide more functionalities for smart contracts and improve work with decentralized apps (DApps) by adapting the Plutus Script, Cardano’s smart contract programming language, accordingly.

So far, however, this good news hasn't had a major impact on ADA's price action, as recent data shows.


Just a gentle breeze?

After all, the Cardano course was able to climb to a daily high of 0.462 US dollars on September 1st after a low of 0.424 US dollars the previous day. A respectable increase of almost 9%.


However, this rebound is supported by relatively low trading volume, suggesting there may not be enough tailwinds for a longer climb.

It should also be noted that the rebound was preceded by a steep 28.5% pullback. So the current jump could be due to so-called short covering, when traders have to close their short positions and buy in order to do so.


So the smaller soar is far from representing a new upward trend, because the price of ADA is also exposed to the pressure of the overall economic situation, which is forcing the entire crypto market into downward lockstep with the stock market.

The correlation between the Cardano course and the Nasdaq on September 1st is already an astounding 0.80 points.


Will there even be a crash?

From a technical analysis point of view, ADA has been forming since the 7th May a descending triangle in the daily chart.


A descending triangle forms when a price moves within a price range characterized by a falling upper trendline and a horizontal lower trendline. Typically, such a price pattern resolves with a dip below the lower trendline, with the subsequent dip roughly the magnitude of the triangle's maximum height.

Cardano is currently already at the lower trend line of the triangle and threatens to slip below it (see below). If so, a crash as low as $0.268 is conceivable if the regularity above is anything to go by. So that would be a massive 40% drop.

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