Cardano (ADA), the ninth largest cryptocurrency by market capitalization, attracts market attention after having recorded nearly a billion ADA in negotiation volume during the last 24 hours. According to CoinmarketCap Data, 996,010,000 ADA changed hands while the cryptography market showed signs of recovery at the start of the session on Thursday.
At the time of the press, ADA increased by 3.94% in the last 24 hours to $ 0.703. The ADA price has slowed down in the last seven days, with five over six days in red, therefore, the current rebound remains important. ADA reached $ 0.666 stockings on Wednesday, after which it reached $ 0.709 early Thursday.
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Currently, ADA is traded between its 50 -day single mobile averages at $ 0.674 and $ 0.772, an area that has now become a battlefield for bulls and bear.
A decisive closure above the daily SMA 50 resistance could open the door to a rally to $ 1, while a break below the SMA 200 of the day can report a renewed drop pressure with targets at $ 0.60 and $ 0.51.
Investors turn to macroeconomic data
The wider market of cryptography is negotiated in the green after a sale prior to the result of reports according to which the American economy fell into contraction in the first quarter and that the inflation readings were stable in March. As indicated, the favorite inflation gauge of the federal reserve showed a strong increase in the quarter, but was practically unchanged in March.
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The Labor Department said Thursday that the first unemployment claims had increased to 241,000 last week. Dow Jones interviewed economists and awaited 225,000 for this period. This raises the challenges of the non -agricultural pay report on Friday, as other economic data has deteriorated.
With the federal reserve meeting next week (from May 6 to 7), it is expected considerable that the economic contraction could encourage the central bank to reduce interest rates later this year. While traders continue to priced in practically no probability of a drop in interest rates at the next Fed meeting, they plan that the central bank is starting to relax in June and a total of four reductions by the end of the year.
