Reserve

Cardano

United

Bitcoin

<div class="coinjournal">
 <ul class="decimal_type">
 <li>Cardano forms a bullish reversal pattern&nbsp;</li>
 <li>The Federal Reserve might signal the end of the tightening cycle</li>
 <li>A move above $0.35 would trigger more strength</li>
 </ul>
 
 The week ahead is important for the US dollar as the Federal Reserve of the United States announces its interest rate decision on Wednesday. The market unanimously expects the Fed to hold the funds rate at the same level as six weeks ago, the second pause in the current tightening cycle. &nbsp;&nbsp;
 However the focus will not be on the actual decision. Instead, it will be on what the Fed will signal that will come next.&nbsp;
 More precisely, is the tightening cycle over? Can the Fed declare its fight against inflation over?&nbsp;
 Sure enough, inflation has dropped from its highs. Also, it continues to drop.&nbsp;
 If one can draw a parallel with Europe, then the Fed should prepare for inflation to drop even further. In Europe, the prices of goods and services have dropped drastically in October. Considering that the Fed and the ECB had similar tightening cycles, one may expect similar inflation trends.&nbsp;
 A dovish Fed would spark US dollar weakness and some markets already sniffed it. The cryptocurrency market is one example, where Bitcoin rallied to $35k recently, triggering similar moves in other cryptocurrencies such as Cardano.
 <h2 id="ada-usd-bounced-from-horizontal-support-how-much-can-it-rally">ADA/USD bounced from horizontal support – how much can it rally?</h2>
 One of the cryptocurrencies that anticipates a dovish Fed is Cardano. ADA/USD has rallied from <a rel="noopener noreferrer nofollow" title="horizontal" href="https://thebittimes.com/tag/horizontal.html">horizontal</a> <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> and is trying to break dynamic resistance.&nbsp;
 <img decoding="async" src="https://cdn.thebittimes.com/images/2023/10/30/a9962b73725955fea4cedc357f3060c6.webp" style="width: 100%" class="fr-fic fr-dib" width="1800" height="445">
 Cardano chart by TradingView
 Cardano rallied with other cryptocurrencies at the start of the trading year but failed to hold onto its gains. However, it found strong <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> at $0.25, and then it bounced from the lows.&nbsp;
 The market formed a <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> <a rel="noopener noreferrer nofollow" title="reversal" href="https://thebittimes.com/tag/reversal.html">reversal</a> pattern that might represent the end of the bearish market. A move above $0.35 should trigger more strength, while a drop below the 2023 lows would invalidate the <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> <a rel="noopener noreferrer nofollow" title="reversal" href="https://thebittimes.com/tag/reversal.html">reversal</a> pattern.&nbsp;
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ada-usd-price-forecast-bullish-reversal-as-horizontal-support-holds-tbt68311.html">https://thebittimes.com/ada-usd-price-forecast-bullish-reversal-as-horizontal-support-holds-tbt68311.html</a>

ADA/USD price forecast: bullish reversal as horizontal support holds

Inhoudsopgave

TheBitTimes

Andere artikelen gepubliceerd op 30 okt 2023

Cryptocurrency Fund Inflows Data Released: This Altcoin Tops the Chart

Kasikorn Bank in Thailand Acquires 97% Shares of Satang Exchange for $103M

AXS Coin Shows Signs of a Rally in the GameFi Sector

VanEck Bitcoin ETF May Use Bitcoin for Seed Funding

Thai Banking Giant Kasikornbank Acquires a 97% Stake In Local Crypto Exchange Satang

Phantom unveils new camera NFT feature

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!