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As August nears its close, Cardano has just completed a death cross signal on its short-term charts, raising questions over whether the recent recovery could turn into a bull trap, a false upward breakout.
Cardano saw a surge in the past week, rising for four straight days after reversing 11 days of decline at August's start. ADA price skyrocketed to a high of $0.258 on August 22, following which it retreated.
Now a death cross has just emerged on the short-term charts, in particular the hourly chart, with the MA 50 falling below the MA 200 on this timeframe, creating a "death cross."
This short-term death signal puts traders on alert at a time when the market is already watching closely for signs that the recent rebound can hold.
So far in August, ADA is up 26.10%, building on a 17% rise in July. At the time of writing, ADA was up 0.87% in the last 24 hours and up 11% weekly. Weekly gains have reduced as most crypto assets saw profit-taking following last week's surge.
Rate expectations are moving against the market rally as traders added to bets on a rate increase, against the lower-yield backdrop that lifted crypto assets in the past week. Federal Reserve Chair Kevin Warsh delivers his first Jackson Hole keynote as chair on Friday, weeks before the Sept. 15-16 rate decision.
Cardano Leios delivers major early milestone
Cardano's throughput upgrade, Leios' Earth phase, has concluded after it spent 41 days on a public testnet.
According to a recent report by Cardano builder Input Output, Leios lifted Cardano's transaction capacity well above the current limit without changing its security model. In its first public test, it peaked at roughly six times what the mainnet handles.
Leios carried 54% of all traffic reaching the chain in the stable final days, moving 18x the transactions and 3.3x the data of real mainnet traffic.
U.Today Editorial Team
Dan Burgin
