Cardano Value Prediction: ADA Kinds H&S Forward of Fed Determination – BanklessTimes

Cardano price remained under heavy pressure as investors focused on the upcoming US Federal Reserve interest rate decision. ADA traded at $0.4528, which was slightly above the weekly low of $0.4336. It’s down more than 90% from its 2021 high, giving it a market cap of more than $15 billion.

However, people are still interested in Cardano. For example, according to Cardano adoption statistics, 90% of trading activity for ADA consisted of trading from investors.

If you are still planning to invest in Cardano, you can read the following guides we have created to help you buy Cardano in 2022:

US Federal Reserve interest rate decision

Cardano and other cryptocurrencies have been under pressure for the past few weeks as concerns about the Federal Reserve remain,

The Fed has maintained an increasingly hawkish tone in recent months as inflation remains stubbornly high. In fact, the bank has hiked rates by 225 basis points this year.

The Fed will conclude its two-day meeting on Wednesday. Analysts expect the Fed to hike rates by 0.75%. The dot chart also suggests that there will be two more rate hikes this year.

Historically, cryptocurrencies like Cardano, Bitcoin, and Evmos tend to underperform during periods of high interest rates. Indeed, this explains why all cryptocurrencies have crashed this year.

It also explains why American stocks have plummeted. The Dow Jones, S&P 500 and Nasdaq 100 indices are down more than 15% this year. At the same time, the VIX index is slightly up, while the fear and greed index is down. Bond yields have also risen.

Cardano price is also in a strong bearish trend given the challenges in its ecosystem. According to DeFi Llama, the total value (TVL) in its ecosystem has dropped from more than $320 million to just $80 million. The three largest DeFi apps in its ecosystem are Minswap, WingRiders, and SundaeSwap.

Analysts also believe that the upcoming Vasil hard fork will not be a bullish catalyst for Cardano. Also, Ethereum’s price has plummeted following the recent merger event.

Cardano price prediction

The four hour chart shows that the ADA price has been in a bearish trend for the past few days. He managed to move and retest the lower side of the ascending channel shown in blue. A break and retest is usually a bearish sign. It has also moved below the 25-day and 50-day moving averages, while the MACD remains below the neutral point.

It has also formed a Head and Shoulders (H&S) pattern. Therefore, there are chances that Cardano price is likely to drop further as sellers target the next key support at $0.40.

More cryptocurrency news

What is the current Cardano price?

ADA was trading at $0.4336 in mid-September 2022.

Are people interested in Cardano?


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