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Cardano Market Update: ADA/USD retains bullish potential, finds support at $0.1050

Cardano Market Update: ADA/USD retains bullish potential, finds support at $0.1050
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Cardano pays out staking rewards to the participants

Cardano (ADA) is the 11th largest digital asset with the current market capitalization of $1.73 billion of $2.9 billion according to the data provided by CoinMarketCap. At the time of writing, ADA/USD is changing hands at $0.1119, mostly unchanged both on a day-to-day basis and since the beginning of Thursday.  ADA's daily trading volume is registered at $300 million, in line with the long-term average.

Cardano pays out staking rewards

On Sunday, August 23, Cardano holders received their first staking rewards after the mainnet upgrade to Shelley, which activated the staking functionality.

Aparna Jue, Cardano product director at IOHK, commented:

We couldn’t have asked for a better response from the community, who have jumped into operating stake pools and are reliably making blocks. This is shown by the 1,138 stake pools currently active, which is around the desired equilibrium for the network.

The founder of Cardano, Charles Hoskinson also commented the event in Periscope Sunday night. He wanted to make sure that everything went smoothly.

I just wanted to make sure everyone got what they expected, the staking calculator was accurate if there were any problems. Or if everything was looking good.

ADA/USD: The technical picture

Meanwhile, the market reaction to the even has been muted so far. The coin is locked in a tight range after the sell-off to $0.1051 on August 25. From the longer-term point of view, ADA/USD topped at $0.1554 on July 27 after the Shelley update. Since that time the price has been moving down, though the further sell-off may be limited by the daily SMA100 at $0.1060. This barrier stopped the bears earlier this week and may prove to be strong support in the nearest future. If it is cleared, the downside momentum may gain traction with the next focus on $0.0900 and $0.0750 (daily SMA200).

On the upside, the critical resistance is created by a combination of the daily SMA50 at $0.1325 and the middle line of the daily Bollinger Band.

ADA/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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