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Home Crypto

Cardano price looks overpriced, 17% nosedive likely for ADA

LiveBetPro by LiveBetPro
February 7, 2023
in Crypto
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AdaSwap, a Cardano Ecosystem Builder All Set For Launch of Public Testnet
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(Filip L. – FXStreet)

– Cardano price jumps over 2% in a slight recovery during the European session.

– ADA is unable to break back above the key pivot level.

– Expect Powell to come out with more hawkish rhetoric as markets were too eager and cheerful in January.

Cardano (ADA) traders need to face reality as markets are pivoting back toward a sticky inflation story, which contradicts the Goldilocks story that was the driving force in January. Confirmation came overnight with the Australian Central Bank (RBA) offering up a surprise hike of 25 basis points and guiding markets that more hikes are coming. Traders should brace for a possible halt or even hike of global inflation as the main driver in the decline of inflation, energy prices is starting to stabilize.

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Cardano price will be profitable in either direction for traders who watch inflation

Cardano price has had a fun rally for January 2023, hitting nearly $0.421. Since the beginning of February, the trend has taken a step back as the central bank came out with the same message that inflation is still too high, and it looks like more troubling news is coming in the coming weeks. Crude oil prices are jumping from $73 back to $76 and look to have hit a floor in the process. 

ADA has bounced back a little bit but is being capped by the floor that was held on February 1 This is the 200-day Simple Moving Average (SMA) near $0.393. With Fed chair Jerome  Powell set to take the stage later this evening at 16:00 GMT, it is difficult to believe that he would suddenly shift his course and come out dovish. Expect him to stay the course and keep channeling to the markets that more hikes will come depending on the data, ADA could be seen tanking toward $0.324 as reality kicks in.

ADAUSD

Should Powell’s speech be a game changer, expect a sharp jump higher, piercing through $0.388 and possibly testing $0.400. This will open the room for putting that price target of $0.421 back on the radar and bearing 9% gains. Any further upside will depend on further tail risks deflating in the coming days and weeks.

Read BNB/USD (Binance) Elliott Wave analysis – Turn the higher taking place

Post Views: 107

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AdaSwap, a Cardano Ecosystem Builder All Set For Launch of Public TestnetCardano price eyes a retest of $0.435 as ADA bears take control cardanoNew Cardano algorithmic stablecoin evokes old fears for the community EthereumEthereum AdaSwap, a Cardano Ecosystem Builder All Set For Launch of Public TestnetAdaSwap, a Cardano Ecosystem Builder All Set For Launch of Public Testnet marketoverviewAre we seeing a market bottom? Weekly gainers overview DOGEPERPIs this sign of a local bottom before Dogecoin price rallies 15%? cryptoFirst Mover Asia: Crypto’s ‘learn-on-the-fly’ Ethos on display as bridge hack damage reaches $2B cardanoCardano price to retrace as bulls fail to tame the bears
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