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Sell the news? Cardano price risks 20% drop despite Vasil hard fork euphoria

Cardano (ADA) has dipped this July 21 as the market favors mounting selling pressure around its most reliable resistance levels in 2022 over a major upcoming hard fork.

ADA price could plunge 20% by early August

ADA's price fell 5% intraday to $0.476. The downside move came as a part of a broader retreat that started a day after it briefly climbed above its 50-day exponential moving average (50-day EMA; the red wave in the chart below) near $0.50.

The 50-day EMA has been serving as ADA's curvy resistance level since October 2021. 

ADA/USD daily price chart. Source: TradingView

Additionally, the upper trendline resistance of a broader descending channel pattern strengthened the selling sentiment around the ADA's 50-day EMA wave. Earlier in June, the same resistance confluence had triggered a 35% price drop toward the channel's lower trendline.

Therefore, ADA's renewed correction move risks leading the price toward $0.384 by July or early August, down about 20% from July 21's price.

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Market Analysis

US authorities arrest former Coinbase manager, alleging insider crypto trading

Three people allegedly used multiple Ethereum wallets to purchase certain tokens in advance of at least 14 separate Coinbase public listing announcements.

Regulations

Bitcoin bulls miss key resistance flip as BTC price sheds 8%

Bitcoin (BTC) extended losses on the July 21 Wall Street open after a key resistance level failed to hold as new support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar rises to squeeze risk assets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $22,340 on Bitstamp after the opening bell, down 8% from its local top. 

The pair's progress had seen a challenge from Tesla, which revealed that it had sold 75% of its BTC position at a loss. Macro events then added to Bitcoin's woes in the form of fresh U.S. dollar strength and a surprise rate hike from the European Central Bank (ECB) to combat inflation.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

At the time of writing, the U.S. dollar index (DXY) had regained 107, up 0.6% in an hour as U.S. equities conversely saw modest losses. 

In Europe, meanwhile, the ECB decision failed to improve the fortunes of the euro, which gave back early gains as the Eurozone battled fresh political fallout in Italy.

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Altcoins

Bitcoin bulls miss key resistance flip as BTC price sheds 8%

The 200-week moving average fails to hold as a rising dollar adds familiar pressure to Bitcoin and altcoin performance.

Bitcoin

Bitcoin bulls miss key resistance flip as BTC price sheds 8%

The 200-week moving average fails to hold as a rising dollar adds familiar pressure to Bitcoin and altcoin performance.

Ethereum

Bitcoin bulls miss key resistance flip as BTC price sheds 8%

Bitcoin (BTC) extended losses on the July 21 Wall Street open after a key resistance level failed to hold as new support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar rises to squeeze risk assets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $22,340 on Bitstamp after the opening bell, down 8% from its local top. 

The pair's progress had seen a challenge from Tesla, which revealed that it had sold 75% of its BTC position at a loss. Macro events then added to Bitcoin's woes in the form of fresh U.S. dollar strength and a surprise rate hike from the European Central Bank (ECB) to combat inflation.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

At the time of writing, the U.S. dollar index (DXY) had regained 107, up 0.6% in an hour as U.S. equities conversely saw modest losses. 

In Europe, meanwhile, the ECB decision failed to improve the fortunes of the euro, which gave back early gains as the Eurozone battled fresh political fallout in Italy.

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Market Analysis

What are the long-terms goals for the Ethereum blockchain? Vitalik Buterin explains live at EthCC

For Buterin, building a better-decentralized ecosystem requires short-term pain for long-term gain.

Blockchain

What are the long-terms goals for the Ethereum blockchain? Vitalik Buterin explains live at EthCC

For Buterin, building a better-decentralized ecosystem requires short-term pain for long-term gain.

Ethereum

Turkish crypto exchange joins COPA to fight against 'patent trolls'

Özgür Güneri, the CEO of BtcTurk, said that the firm joined COPA to protect technologies within crypto, especially Bitcoin.

Bitcoin

Turkish crypto exchange joins COPA to fight against 'patent trolls'

Özgür Güneri, the CEO of BtcTurk, said that the firm joined COPA to protect technologies within crypto, especially Bitcoin.

Blockchain

FTX CEO and Solana co-founder offer advice for building Web3 ecosystems

FTX CEO Sam Bankman-Fried and Solana co-founder Anatoly Yakovenko shared valuable insights for early-stage Web3 founders during a virtual summit.

Blockchain

Solana and Ethereum smart contract audits, explained

What are smart contract audits, how do they work, and how do they benefit the crypto projects who get their code scrutinized? Let's find out.

Ethereum

Coinbase stock has potential to double in 2022 after plunging 90% from record high

COIN stock can rally to $160 by the end of the year, a mix of technical and fundamental indicators suggest.

Bitcoin

South Korea postpones 20% tax on crypto gains to 2025

The delay comes just a couple of months after newly elected president Yoon Suk-yeol promised to work on regulations first.

Regulations

How to find your NFT's metadata?

With the use of blockchain explorer or by retrieving it from the smart contracts that manage them, you may locate the metadata for your NFTs.

Blockchain

How to find your NFT's metadata?

With the use of blockchain explorer or by retrieving it from the smart contracts that manage them, you may locate the metadata for your NFTs.

Ethereum

Regulators across the ocean discuss stablecoins and MiCa at joint forum

The representatives of key regulatory bodies on both sides of the Atlantic have met to exchange their experiences.

Regulations

Packed your Bitcoin? A BTC holiday in Costa Rica goes fiat free

A Bitcoiner in Costa Rica had a “win-win” experience when he went on holiday and only spent Satoshis (Bitcoin) while traveling along the pacific coast.

Bitcoin

BTC price battles 200-week moving average after $930M Tesla Bitcoin sale

A key trendline which the Bitcoin price passed for the first time in over a month is currently seeing its first retest as support.

Bitcoin

BTC price battles 200-week moving average after $930M Tesla Bitcoin sale

A key trendline which the Bitcoin price passed for the first time in over a month is currently seeing its first retest as support.

Market Analysis

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