Cardano Price Bounces Off 0.382 Fibonacci Level as Leios Reaches 96% Readiness

Cardano's price has seen a brief reprieve after nine consecutive days of decline, with ADA trading at $0.1770 on August 17, up 1.32%. This bounce is attributed to the cryptocurrency finding support at the 0.382 Fibonacci level of $0.1762.

The recent turnaround comes as Leios, Cardano's upcoming throughput upgrade, has reached 96% readiness for its 1,000 transactions per second showcase. However, a governance vote to seat the Constitutional Committee is in danger of failing, with DRep approval currently sitting at just 30% of the required 67%. The committee's failure would result in a reduction of members from seven to three, hindering governance actions, including the Alpha Growth Prime deployment and Dijkstra-related votes.

The FOMC meeting minutes on Wednesday will provide crucial insights into the central bank's stance on interest rates. A less hawkish tone could boost ADA's price, potentially pushing it towards the 0.618 Fibonacci level of $0.1998. Conversely, a more hawkish internal discussion could pull risk assets lower and send ADA sliding towards the 0.236 Fibonacci level of $0.1617.