Cardano`s Vasil fork is scheduled for implementation on September 22nd. This improvement will support Web3 developers with creation of decentralised applications. Cardano`s community is very positive about this network improvement, and it has been lately expressed through the price of ADA. However, latest market sentiment influenced by the macro fundamentals have slowed down the price of ADA during the previous week. Although ADA started the week testing $0.5 resistance line, general market sentiment moved the price to the down side during the week, and lowest weekly level at $0.45.
RSI had modest volatility during the week, moving from 56 down to 46. Charts are showing that the market still prefers the overbought side, regardless of the temporary RSI move below the level of 50. Moving averages of 50 and 200 days continue to slow down the convergence, putting the golden cross on a hold.
Current charts are pointing that ADA is still not ready to give up on the $0.5 resistance line. Another testing of this resistance will continue to be supported by the forthcoming Vasil fork, at least until the middle of the next week. On the opposite side, there is equal probability for $0.45 support to be tested again in the coming days.
RSI had modest volatility during the week, moving from 56 down to 46. Charts are showing that the market still prefers the overbought side, regardless of the temporary RSI move below the level of 50. Moving averages of 50 and 200 days continue to slow down the convergence, putting the golden cross on a hold.
Current charts are pointing that ADA is still not ready to give up on the $0.5 resistance line. Another testing of this resistance will continue to be supported by the forthcoming Vasil fork, at least until the middle of the next week. On the opposite side, there is equal probability for $0.45 support to be tested again in the coming days.
